Vitalik Buterin Dumps Altcoins Worth 220 ETH That Have 'No Moral Value'

The Ethereum co-founder said investors would lose "most of the money" they put into the coins.

AccessTimeIconMar 9, 2023 at 5:57 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC

Vitalik Buterin, a co-founder of the Ethereum blockchain, liquidated a portion of his altcoin holdings this week, saying later that the tokens had "no cultural or moral value."

Buterin sold 9.9 billion CULT tokens, the native token of the CultDAO, for 58 ether (ETH). He also sold his BITE and MOPS holdings, according to blockchain analyst PeckShield. In total, the sales added up to 220 ether, which is worth $332,420 at current prices.

"BITE and most other coins being discussed on this forum are s**tcoins," Buterin wrote on Reddit. "[They] 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."

In 2021, Buterin prompted a swing in the price of shiba inu (SHIB) tokens when he burned his holdings worth $6 billion after he was effectively given half of the token's supply. He said at the time that he didn't want the power of holding such a significant proportion of the tokens.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.