Vitalik Buterin - the world's youngest crypto billionaire - has destroyed $7billion in SHIB coin and plans to give the rest away to charity.
The 27-year-old billionaire, who co-founded Ethereum, said he'd 'burnt' billions of dollars worth of the coin, around 40 percent of the total SHIB coin in circulation.
Buterin sent 410,241,996,771,871.894771826174755464 coins to a dead wallet, taking them out of circulation, and says he now plans to give the rest away to charity.
Buterin said: "I've decided to burn 90 percent of the remaining Shiba tokens in my wallet.
"The remaining 10 percent will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing the large-scale loss of life) but with more long-term orientation.
"Covid is a big problem now, but it's important to think about the longer-term future too!"
Buterin was given the coins by the founders of SHIB, news.com.au reports.
The Russian said 'simply holding the remaining coins in the 0xab58 wallet forever was never an option'.
He explained: "For security reasons alone they would have to be moved to a better wallet eventually, and any transaction I make would get interpreted as an action. So ... may as well do the useful thing immediately.
"I've actually been impressed by how the dog token communities have treated the recent donation! Plenty of dog people have shown their generosity and willingness to not just focus on their own profits but also be interested in making the world as a whole better. I support all who are earnestly doing that.
"But for anyone making coins (or daos, or whatever else) in the future, PLEASE DO NOT GIVE ME COINS ON POWER IN YOUR PROJECT WITHOUT MY CONSENT! I don't *want* to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first)."
In a statement, SHIB wrote: "Despite the fact that VB allowed us to be part of the single most generous act in cryptocurrency history, we have seen even long-term Shib holders become paperhands and dump millions and millions of dollars over the course of a few days."
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