- Buterin sold SHIK, MOPS, CULT, and BITE tokens he got for free.
- He sent almost half of the proceedings to an address labeled “EthDev.”
- The Shikoku (SHIK) community had expected Buterin to burn the 500 trillion tokens they had sent him.
Ethereum founder Vitalik Buterin has once again made a profit from selling alternative tokens that he got for free.
On Tuesday, Buterin sold 500 trillion SHIK for 380 ETH ($600,000), 50 billion MOPS for 1.25 ETH ($2,000), 10 billion CULT for 58 ETH ($91,000), and 3.4 million BITE for 5.9 ETH ($9,250).
Buterin then transferred the 214 ETH ($337,000) from dumping SHIK to an address labeled “EthDev.”
Sponsored
It’s no surprise that all of the sold tokens dropped significantly. However, it seems like the Shikoku community has been hit the hardest.
Apparently, the team behind the Shikoku project had sent 500 trillion SHIK, half of the total supply, to Buterin, asking him to burn the tokens. After Buterin sold, SHIK went down over 95%.
The Shikoku dev team went to Twitter after the dump to try to explain what happened.
Shikoku asked the public not to send hate toward Buterin and called his actions “a blessing in disguise.”
Sponsored
“We at Shikoku have always outlined this as a possible risk. Although it is disheartening to see the actions performed today, we understand that his actions may also be a blessing in disguise. This is the true community experiment in decentralization.”
This is not the first time Buterin has received tokens for free and dumped them on the market. In 2021, Buterin dumped trillions of Shiba Inu (SHIB) tokens and donated the proceedings to various causes.
On the Flipside
- The ETH that Buterin received from selling the altcoins, except for the 214 ETH sent to an EthDev address, is still in his wallet. It’s unclear whether Buterin will donate the profit.
Why You Should Care
Users should always do their own extensive research before deciding where to invest their funds. In this case, users who bought tokens like SHIK lost almost everything they had invested.
Read more about Vitalik’s recent donations:
Ethereum Co-Founder Vitalik Buterin Donates 150 ETH to Help Earthquake Victims in Türkiye
Read more about Bybit’s newest product:
Bybit Introduces Mastercard-Powered Debit Card Days After Halting USD Transfers
