As per emerging reports, Ethereum founder, Vitalik Buterin has now auctioned a wholesome 25 trillion $SHIT on a decentralized exchange, Uniswap. Reportedly, the sold SHIT coins is valued at over $33 thousand. Recall that Buterin, had in recent times, obtained the Shiba Inu tokens from its creator. After the receipt, he burnt over 90% of the virtual token, equivalent to over $6 billion.
As revealed, the Ethereum founder obtained the tokens as an airdrop. He reportedly appears uninterested in holding on to coins struggling to find their feet. Now, it is believed the sale by Buterin could inflict a crash on the value of the token.
However, Buterin’s decision is coming a few days after he urged CEOs of Blockchains to expose scammers irrespective of the criticisms attached. In a last Tuesday tweet, the Ethereum founder warned CEOs against keeping quiet on scammers exploiting various crypto projects. As reported, this comment emanated following the suing of fraudulent Ponzi scheme creators by SEC. The founder cited the remark made by him about two years ago on exploiters initiating pyramid schemes on the Ethereum blockchain.
Buterin accuses Forsage of perpetuating fraud
In 2020, Buterin indicted a popular decentralized protocol, Forsage, of polluting and risking the Ethereum ecosystem. According to him, the project was fraudulent and usually use funds generated from new intakes to enrich old subscribers. Additionally, Buterin likened Forsage to Onecoin and Bitconnect.
Buterin’s revelation about Foresage became greeted with a series of criticisms. The developer of the project, for instance, accused Buterin of “playing the victim” card. Foresage insisted then that the protocol has overtly contributed to the development of Ethereum. Additionally, the Ethereum founder became christened a “coward” for deciding not to debate them. The Forsage project became consistently hyped on its social media handles.
Forsage now facing fraud charges
However, in late 2020, the Philippines regulator ordered a cease-and-desist directive against Forsage. This directive, according to reports, became ignored by the developers of the protocol. Now, the U.S SEC has fingered the decentralized protocol in a $300 million fraud. Furthermore, according to the regulator, Forsage amassed over $300 million by offering unregistered securities.
Additionally, the securities and exchange commission charged eleven individuals for involving in the promotion of the fraudulent project. Similarly, the founders of the scheme became indicted for duping retail investors across the globe through Forsage. This, as revealed, justified Buterin’s 2020 claim about the scheme. Now, the Ethereum founder wants CEOs to overlook criticisms and expose fraudulent schemes in their ecosystem to help the crypto community.