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Monday, May 23, 2022

How Vitalik Buterin burned 6.7 million SHIBs

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Invited in a program, Vitalik Buterin explained in detail the subtleties relating to the cryptocurrency ether (ETH) and its blockchain. But Ethereum was not the only subject of discussion during the 2 hours that the interview lasted. Mr. Buterin also expanded on the specifics of the shiba inu cryptocurrency (SHIB).

Vitalik Buterin distributed 50 trillion SHIB

During the month of May 2021, anonymous developers have offered to Vitalik Buterin 50% of the total offer of SHIB tokens. For what purpose was such a gift given? For the developers, the goal was to burn as many tokens as possible. They thought that by giving such a gift to the creator of the Ethereum (ETH) blockchain, it would help them reduce the amount of tokens in circulation.

What did Buterin do with the stock of ETH he received? He has donated several amounts to charities, including 50 trillion SHIB, which is approximately $1.2 billion. Subsequently, after making this donation, Mr. Buterin has burned around 90% of its remaining SHIB tokens. “I don’t want to be the only one burning SHIB tokens”, he said in a note.

The process for burning tokens

To burn the tokens he still had at his disposal, Buterin bought a new laptop that he uses exclusively for trading. In any case, this is what he revealed during his interview. “It was scary and fun at the same time,” he says. “The scary part is that I had more money than I ever had.”

After acquiring his new computer, Vitalik Buterin stored the funds he had in a cold wallet. To access the wallet, he had to use a combination of written numbers on written pieces of paper. “One of those numbers was with me, the other was with my family in Canada,” did he declare. “So I had to call my family in Canada and tell them to read me the number.”

After getting the number from his family, Vitalik made the transactions. He says that later he downloaded a program for the purpose of generating QR codes. After the transactions, he scanned the QR code with his phone and copied it to his new computer. Finally, he placed the rest of his funds on etherscan.io/push”.

At the launch of the shiba inu token (SHIB), the developers offered a large amount of tokens to Vitalik Buterin. The latter in turn offered some to various organizations and burned the rest of the tokens at his disposal. In an interview, he exposed the methods used to burn these tokens.



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