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Vitalik Buterin Dumps Altcoins Worth 220 ETH That Have 'No Moral Value'
The Ethereum co-founder said investors would lose "most of the money" they put into the coins.
Vitalik Buterin, a co-founder of the Ethereum blockchain, liquidated a portion of his altcoin holdings this week, saying later that the tokens had "no cultural or moral value."
Buterin sold 9.9 billion CULT tokens, the native token of the CultDAO, for 58 ether (ETH). He also sold his BITE and MOPS holdings, according to blockchain analyst PeckShield. In total, the sales added up to 220 ether, which is worth $332,420 at current prices.
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"BITE and most other coins being discussed on this forum are s**tcoins," Buterin wrote on Reddit. "[They] have no redeeming cultural or moral value, and will probably lose you most of the money you put into them. I anti-endorse these projects to the greatest extent."
In 2021, Buterin prompted a swing in the price of shiba inu (SHIB) tokens when he burned his holdings worth $6 billion after he was effectively given half of the token's supply. He said at the time that he didn't want the power of holding such a significant proportion of the tokens.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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