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Ethereum founder Vitalik Buterin

Ethereum Founder Vitalik Buterin Reveals How Hard It Was To Dump Shiba Inu

Best Owie
by Best Owie
3 years ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

One of the most important events in the history of Shiba Inu was when Ethereum founder Vitalik Buterin had sold billions worth of SHIB tokens that were sent to him by the founders of the meme coin. It inevitably was the major catalyst for the price rally of the meme coin that followed not too long after, making it the second meme coin to reach the crypto top 10.

Although most in the crypto space know of the tokens being sent to Buterin and the subsequent billion-dollar donation made to an Indian COVID relief fund, not a lot is known of how the founder was able to sell the tokens. At this point, Shiba Inu was still a relatively obscure cryptocurrency and was not listed on as many exchanges as it is now. The best way was to use a decentralized exchange.

Related Reading | The Stats Are In, Here’s The World’s Most Pro-Dogecoin Country

Buterin recently opened up about his interaction with the cryptocurrency and how selling it took jumping through so many hoops. He had been sent trillions of tokens in the transaction, which came out to almost half of the circulating. In the end, he had been able to sell the tokens for a couple of billion dollars. He recounts how he was able to do this on a recent podcast episode of UpOnly Podcast.

Selling Shiba Inu Made Me Feel Like James Bond

Recounting the elaborate process that it took to dump his Shiba Inu holdings, Ethereum founder Vitalik Buterin painted a picture that spanned across two countries and a new laptop to execute.

Firstly, the private keys to the wallet where the coins had been sent to were not entirely with Buterin. While he had a part of the keys with him, he explained that he had left the other part of the keys with his family in Canada. He then had to call up his family to send him their part of the private keys to him.

Shiba Inu price chart from TradingView.com

SHIB falls to $0.00002 | Source: SHIBUSD on TradingView.com

Next, Buterin had purchased a $300 laptop from Target to be used exclusively for this transaction. He further went on to download a QR code-generating program, which he had to scan with his phone and then copy to the laptop, which he then put into a etherscan.io/push Tx. After everything, he was eventually able to complete the transaction and move out the tokens.

Related Reading | Crypto Scam Steals $400K In Seven Hours. Is YouTube Complicit?

After the whole transaction was completed, Buterin had then immediately disconnected laptop from the internet.

Buterin described the whole process as being akin to a James Bond movie. He said the experience was both scary and fun given that it was more money than he had ever had. “It was scary and involved a procedure that would probably make a good plot for a James Bond movie eventually,” Buterin said.

Featured image from Nairametrics, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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