Vitalik Buterin Sells $341K in Memecoins for 140.67 ETH Within 30 Minutes

Meanwhile, Buterin donates 100 ETH ($242,000) to support TornadoCash developers. Vitalik's sell-off sparks fears, as past memecoin sales caused 60% price drops.

Vitalik Buterin, the co-founder of Ethereum, recently sold several meme coins, including MOODENG, DEGEN, NEIRO, KABOSU, and the stablecoin USDT, amounting to a total of $341,000, which he sold for 140.67 ETH within 30 minutes. Notably, Buterin also donated 100 ETH ($242,000) to support the developers of TornadoCash.

This large-scale sell-off by Buterin sparked fears among investors, as his past sales of memecoins have led to significant price drops. For instance, in August, Buterin sold all 17.145 billion low-cap Neiro tokens, which he received from the Neiro team, for 44.53 ETH. Following Buterin’s sale, the memecoin’s value plummeted by 60%, dropping to a price of $0.011 at the time.

However, the motive behind Buterin’s massive memecoin sell-off seems to be related to his support for the developers of TornadoCash, a service that enhances transaction privacy. Buterin’s donation is part of the “Free Alexey & Roman” campaign, which aims to support Alexey Pertsev and Roman Storm, the creators of TornadoCash, who are facing legal challenges for their work on the platform.

TornadoCash has become a subject of controversy due to its use by some individuals to launder funds from illicit activities. However, Buterin’s involvement in the campaign highlights his concern for privacy in the crypto space.

The above is the detailed content of Vitalik Buterin Sells $341K in Memecoins for 140.67 ETH Within 30 Minutes. For more information, please follow other related articles on the PHP Chinese website!