Vitalik Buterin, a co-creator of Ethereum, recently executed a noteworthy action by unloading a collection of alternative cryptocurrencies, encompassing both obscure and blatantly fraudulent tokens. Data from OnChain Lens indicates that this cryptocurrency liquidation generated a sum of 71.69 ETH, equivalent to approximately $136,684, along Hong Kong Asia Holdings Expands Bitcoin Holdings with New Purchase an extra 315,382 DAI obtained through the disposal of these imitation coins.
Specifically, he exchanged 366.47 million AWESOME tokens for 1.44 ETH, 146.18 billion FML tokens for 2.51 ETH, and 7.17 billion VB tokens for 1.57 ETH. However, the most attention-grabbing transaction involved the sale of 180.88 billion SHIB tokens for a meager 0.987 ETH.
The narrative takes an intriguing turn here: Vitalik has a prior association with the authentic Shiba Inu coin. In 2021, as part of a daring promotional strategy, the originators of Shiba Inu dispatched half of the total token supply to Vitalik’s digital wallet, with the intention of enhancing the coin’s trustworthiness and recognition.
Rather than retaining these tokens, Vitalik incinerated a substantial portion and contributed some to the India COVID-Crypto Relief Fund, significantly diminishing their availability. Presently, he appears to be disassociating himself from anything perceived as capitalizing on SHIB’s achievements or endeavoring to replicate its prosperity.
One might ponder the rationale behind Vitalik’s sale of 180.88 billion SHIB tokens for under 1 ETH, considering that if they were legitimate, their value would approximate $2.2 million. The explanation is straightforward: these were not authentic Shiba Inu coins but rather imitations. Since its inception, Shiba Inu, a cryptocurrency inspired by internet memes, has amassed a considerable fan base.
Regrettably, it is a prevalent concern within the cryptocurrency realm for these “copycat” assets to seek to exploit the triumph of well-established ventures.
Perhaps, Buterin endeavors to establish a separation involving himself and such inflated, chancy holdings.
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