Vitalik dumps $700K worth of shitcoins that he never asked for

Ethereum co-founder Vitalik Buterin has gone connected a shitcoin selling spree, exchanging astir $700,000 worthy of tokens antecedently airdropped to him for Ether (ETH).

According to Etherscan, connected Mar. 7 a wallet belonging to Buterin offloaded 500 trillion SHIKOKU (SHIK) for 380.3 ETH ($595,448), astir 10 cardinal Cult DAO (CULT) for 58.1 ETH ($91,021), and 50 cardinal Mops (MOPS) for 1.25 ETH ($1,950).

A screenshot of token transactions from Vitalik’s wallet. Source: Etherscan

Due to the debased liquidity of the tokens the income had a immense effect connected their prices. The largest terms driblet from the tokens was SHIK, which recorded an 86% driblet pursuing Buterin’s merchantability according to CoinMarketCap data.

#PeckShieldAlert $SHIK (SHIKOKU) has dropped -95.8%
Vitalik Buterin-labeled code has dumped ~5T $SHIK, and gained ~164 $ETH (~260k) and transferred 214 $ETH ($337k) to EthDevhttps://t.co/Uw6TA1RDKP pic.twitter.com/FuIbgGgrdA

The full circulating proviso of SHIK is 1 quadrillion, the 500 trillion antecedently held by Buterin represented 50% of the existent supply.

In May 2021 the Ethereum co-founder initiated a akin offload selling tokens specified arsenic Shiba Inu (SHIB) and Dogelon Mars (ELON) that resulted successful terms drops of 40% and 90% respectively.

Related: Ethereum terms enactment and derivatives information corroborate bears are presently successful control

While immoderate wrong the cryptocurrency assemblage shared their vexation astatine Buterin’s determination to merchantability considering the outsized effect it had connected the tokens, others suggested it was motivated by the taxation implications of receiving airdrops, which are subject to income tax successful astir countries.

Seems similar a unusual move, helium is much than alert this would vessel prices and drain liquidity. My 1 presumption is that his accountant warned him these tokens would number arsenic income connected his taxation sheet. Selling to screen the expense

Buterin confirmed helium owned the wallet successful a 2018 tweet aft helium was accused of hoarding 75% of the proviso of Ether with chap Ethereum co-founder Joe Lubin during the token's pre-mining sale.