Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet

On March 7, observers on the network noticed that Vitalik Buterin, co-founder of Ethereum, allegedly sold billions and trillions of ERC20 tokens sent over the air, resulting in a value increase of approximately $700,000. Market liquidity for the tokens given away was low, and relatively unknown ERC20 tokens plummeted in value after Buterin reportedly sold the funds.

Cryptocurrency speculators wonder about the motives of Vitalik Buterin’s token sale via Airdrop

According to write down transfer of tokens associated with an address marked “VB”, Vitalik Buterin, co-founder of Ethereum, appears to have sold a significant amount of ERC20 tokens that were sent to his address. Blockchain Explorer statistics show that address connected with Buterin sold billions of cult dao tokens (CULT), billions of MOPs, billions of kiboshibs (KIBSHI), trillions of dingoes (DINGO) and trillions of shikoku tokens (SHIK). On-chain visual from Arkham Intelligence also shows that other unknown coins with low liquidity from networks such as Binance Smart Chain (BSC) have also been sold.

On-chain observers marked that the address associated with Buterin was selling tokens with low liquidity and a small market capitalization during the day. Blockchain security and data analytics company Peckshield also informed on sold tokens originating from a wallet associated with Buterin. Packschild noted that the price of Shikoku (SHIK) fell 95.8% against the US dollar. Some token proponents complained that Buterin voluntarily caused the price of these coins to drop, while others argued that it was Buterin’s funds and he could do whatever he wanted with them.

“Not sure what you guys were expecting, his wallet, his money, lol,” one person said. said.

Some have suggested that Buterin may have sold the tokens sent over the air in order to comply with tax laws. “It seems like a strange move, he is more than aware that this will lead to lower prices and a drain on liquidity,” one Twitter user said. said. “My guess is that his accountant warned him that these tokens would be treated as income on his tax return. Selling to cover expenses.

Others criticized Buterin’s decision, offer that the coins could have been sent to a burning address to destroy them instead. In May 2021, Buterin donated $1 billion worth of Shiba Inu (SHIB) tokens to India’s charitable Crypto Covid Relief Fund after receiving the tokens during the token launch.

Coincidentally, after Buterin sold low-liquid ERC20 tokens, Balvi Charitable Foundation, co-founded by the creator of Ethereum, has donated $15 million in coins (USDC) to the University of California, San Diego. The donated funds will be used to research and study airborne pathogens. Kimberly Prather, atmospheric chemist and professor at the University of California, San Diego, thanked Buterin and the Balvi Fund for their stablecoin donation.

What do you think about Vitalik Buterin’s sale of airdrops? Share your thoughts in the comments section below.

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