Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions in Airdrop Tokens, Sending Prices of Illiquid Coins Plunging –
On March 7, onchain observers noted that Vitalik Buterin, the co-founder of Ethereum, had reportedly sold billions and trillions of airdropped ERC20 tokens, resulting in an estimated $700,000 in appreciation. Market liquidity for the airdrop tokens was low, and the relatively unknown ERC20 tokens plummeted in value after Buterin reportedly sold the funds.
Crypto speculators question the motives behind Vitalik Buterin’s airdropped token sell-off
According to a record of token transfers associated with an address labeled “VB,” Ethereum co-founder Vitalik Buterin appears to have sold a significant amount of ERC20 tokens flown to his address. Blockchain-Explorer statistics show that the address associated Billions of Kult-Dao (CULT) tokens, Billions of MOP, Billions of Kiboshib (KIBSHI), Trillions of Dingo (DINGO) and Trillions of Shikoku (SHIK) tokens were sold with Buterin. An onchain visual from Arkham Intelligence also shows that other low-liquidity unknown coins from chains like Binance Smart Chain (BSC) have also been sold.
Onchain Observer written down that the address associated with Buterin during the day tokens with low liquidity and lower market capitalization sold. Blockchain security and data analytics company Peckshield, too reported on the sold tokens coming from the wallet linked to Buterin. Peckshield noted that the price of Shikoku (SHIK) has fallen 95.8% against the US dollar. Some token backers complained that Buterin willingly dropped the price of these coins, while others argued that it was Buterin’s money and he could do whatever he wanted with it.
“Not sure what you guys were expecting, his wallet, his money LOL,” one person called.
Some speculated that Buterin may have sold the airdrop tokens for tax reasons. “Seems like an odd move, he is well aware that this would depress prices and drain liquidity,” said one Twitter user called. “My guess is that his accountant warned him that those tokens would count as income on his tax sheet. Selling to cover costs.”
Others criticized Buterin’s decision suggest that the coins could instead be sent to an incineration address for destruction. Buterin donated in May 2021 Shiba Inu (SHIB)$1 billion in tokens to Indian charity Crypto Covid Relief Fund after being gifted the tokens during the token launch.
Coincidentally, after Buterin’s sale of low-liquidity ERC20 tokens, the Balvi Filantropic Fund, co-founded by Ethereum, the creator of , donated $15 million in USD Coin (USDC) to the University of California San Diego. Funds raised will be used for research and research into airborne pathogens. Kimberly Prather, atmospheric chemist and professor at UC San Diego, thanked to Buterin and the Balvi Fund for their donation in stablecoins.
What do you think of Vitalik Buterin’s sale of the airdrop tokens? Do share your thoughts in the comment section below.
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Source: Crypto News Deutsch
