ETH Founder Burns 90% of Shiba Inu Tokens He Owned

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Vitalik Buterin, the creator of Ethereum, the second largest cryptocurrency in the market in terms of capitalization, has just made a controversial move.

The resource SHIB INFORMER has reported on its Twitter profile that Buterin has burned 410 trillion of SHIBA tokens, with a value of almost 7 billion dollars.

What vb said pic.twitter.com/RPohnWE8Em

— VB Goat (@icebucket95) May 16, 2021

Buterin has added a note to the transaction on the blockchain in which he explains the move. According to him, he has sent the 90% of his SHIBA tokens to an address that cannot be accessed, which basically means they are lost forever. He has added he will send the remaining 10% to a charity.

As a result of Buterin’s move, the price of the token has experienced a sharp increase of 50% in just one hour, sitting now at $0.00001672 (+4.51%).

The Ethereum founder has said he does not want to receive more free tokens in the future without his consent.