Ethereum Founder Vitalik Buterin – How He dumped $6.7 Billion in SHIB

How easy is it to get rid of cryptocurrency worth over $7 billion that you don’t want? According to Ethereum co-founder Vitalik Buterin, it’s probably a lot tougher than you think.

Buterin discussed various issues with hosts Cobie and Ledger during an almost two-hour interview on the UpOnly Podcast yesterday, including the moment he dumped $6.7 billion in SHIB tokens. Shiba Inu, or SHIB, is an Ethereum-based meme token that has seen its value skyrocket in the last year. SHIB was up more than 40,000,000 percent at one point in 2021, making people who invested early in the cryptocurrency extremely wealthy in a short period of time.

Buterin received half of the total supply of SHIB tokens from unidentified developers, bringing his total holdings to over 505 trillion SHIB, or $8 billion at that time. The developers did this because they believed that delivering the tokens to Buterin would effectively burn them, reducing supply and increasing demand. Later that month, Buterin distributed SHIB as donations to other organisations, including 50 trillion SHIB to the India Covid Relief Fund, which was worth roughly $1.2 billion at the time.

Vitalik then burnt around 90% of his SHIB tokens. Why? In a note attached to one of the deals at the time, he stated, I don’t want to be a locus of power of that kind. Buterin’s method for getting rid of the tokens is almost as intriguing as the who and why. Buterin detailed to Cobie and Ledger the lengthy process he had to go through in order to gain access to the SHIB tokens and then send them out, which included purchasing a new laptop to execute the transaction.

It was both terrifying and enjoyable, he remarked. The scariest part is that this is the most money I’ve ever had. He claimed the funds were first in the form of 2 numbers written on separate pieces in a cold wallet. Buterin explained that he had to add the two numbers together to get the private key. One of those numbers belonged to me, and the other belonged to my family in Canada, he explained. As a result, I had to telephone my family and request to read their phone number to me.

Buterin claimed that after adding the two digits together, he inserted them into the computer he bought. Buterin said he downloaded an application to produce QR codes before completely disconnecting the laptop. He scanned the QR code with his phone after generating the Ethereum transaction, copied it to his PC, and then pasted it into etherscan.io. Finally, Buterin said that he has started sending out the tokens. So it was scary, and it entailed a technique that could    someday make a decent narrative for a James Bond movie, but maybe not, he said.

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