ETH Founder Vitalik Buterin Launches Memcoin Sale

Ethereum co-founder Vitalik BUTERIN has caused concern in the crypto community with the sale of memcoins. Analyst portal Lookonchain and cybersecurity company PeckShield report numerous transactions. The Ethereum co-founder sold 50 billion MOPS for 1.25 $ETH (about $2,000), 10 billion CULT for 58 $ETH (about $91,000), and 500 trillion SHIK for 380 $ETH (about $600,000).

PeckShield Alert also reports via Twitter that since Buterin sold the coins, CULT (Cult DAO) has fallen 13.7% and SHIK (Shikoku) has suffered even more, losing 95.8%. The SHIK address associated with Vitalik Buterin received about 164 $ETH (about $260,000) and transferred 214 $ETH (about $337,000) to EthDev. Buterin did not sell all of his CULT tokens. He still owns 10 billion CULT.

The crypto community on Twitter is very disappointed with the actions of Vitalik Buterin. Since altcoins are mostly illiquid cryptocurrencies, the dump has a huge impact on low value projects and the investors who own them. Many are unhappy that projects are sending free tokens to Buterin. Buterin's motives for selling altcoins are still unknown.

Image: Forbes