Ethereum founder punishes cryptocurrency fraudsters

Ethereum co-founder Vitalik Buterin has punished cryptocurrency fraudsters by dumping the SHIT digital asset by 40%.

As it became known, Buterin sold 25 trillion SHIT tokens for $ 33,000 in 2 transactions. As a result of such a dump, the value of the fraudulent cryptocurrency fell by 40%. The authors of SHIT sent trillions of their tokens to the co-founder of Ethereum two months ago, all so that members of the cryptocurrency community would notice the unknown digital asset and start investing in it.

Obviously, Vitalik Buterin did not appreciate this idea and decided to punish the fraudsters. Earlier, he had already expressed his dissatisfaction with the promotion of fraudulent tokens and their sending to Buterin’s crypto wallet.

As a reminder, pump and dump is a type of cryptocurrency fraud in which attackers artificially increase and then decrease the value of a digital asset. Usually, this happens to popularize new and unknown coins, the main goal of which is to attract as many investors as possible, maximize the price growth, and steal all investments.

Earlier, a similar situation with the transfer of Buterin tokens occurred with the Shiba Inu cryptocurrency, which Vitalik received from the project’s authors. At that time, the Ethereum founder destroyed 90% of the tokens he received, as he said he did not want to be a «center of power.» Recently, Buterin used the remaining tokens to fund the Existential Safety AI scholarship program and a donation to the Indian COVID-19 relief fund.