Ethereum founder Vitalik Buterin announced on Thursday that he had dumped a large number of altcoin holdings this week, stating they had “no cultural or moral value.”
The cryptocurrency expert sold off 9.9 billion CULTDAO native tokens (CULT) for roughly 58 Ether (ETH), along with MOPS and BITE holdings.
PeckShield revealed the news, adding that the sale totalled up to 220 Ether, or $331,705 USD at the time of writing.
In a statement on Reddit, Buterin said: “$BITE and most other coins being discussed on this forum are shitcoins, have no redeeming cultural or moral value, and will probably lose you most of the money you put into them. I anti-endorse these projects to the greatest extent.”
The news comes after Buterin burned Shibu Inu (SHIB) holdings valued at $6 billion USD after receiving half of the total supply in circulation.
In November last year, Buterin added Scourge to Ethereum’s roadmap to tackle censorship and boost network decentralisation. This aimed to expand the number of transactions per second to roughly 100,000 by using rollups as an upscaling technique.
He added the update aimed to boost the network’s proof-of-stake capabilities, providing “reliable and credibly neutral transaction inclusion” and avoiding protocol risks. This would block exploitative mining transactions on the network as well as investors leveraging tools to create censorship.
