ETH founder Vitalik Buterin launches memcoin saleEthereum co-founder Vitalik Buterin has caused concern in the cryptocurrency community with a memcoin sale. Analyst portal Lookonchain and cybersecurity company PeckShield report numerous transactions. The Ethereum co-founder sold 50 billion "MOPS" for 1.25 ETH (about $2,000), 10 billion "CULT" for 58 ETH (about $91,000) and 500 trillion "SHIK" for 380 ETH (about $600,000).
PeckShield Alert also reports via Twitter that since Buterin sold the coins, CULT (Cult DAO) has fallen 13.7%, and SHIK (Shikoku) has suffered even more, losing 95.8%. SHIK, affiliated with Vitalik Buterin, received about 164 ETH (about $260,000) and transferred 214 ETH (about $337,000) to EthDev. Buterin did not sell all of his CULT tokens. He still owns 10 billion CULT.
The cryptocurrency community on Twitter is greatly disappointed by Vitalik Buterin's actions. Since altcoins are mostly illiquid cryptocurrencies - the dump has a huge impact on low-value projects and the investors who own them. Many are unhappy that projects are sending free tokens to Buterin. Buterin's motives for selling altcoins are still unknown.
