Massive Shiba Inu (SHIB) burn by Ethereum creator Vitalik Buterin enters crypto history books

Conor Grogan, a Coinbase director, recently took to Twitter to provide a list of the most expensive crypto-transactions he was aware of by chain. The Ethereum network’s $4.4 billion transfer between Binance wallets on May 7, 2022, ranked first on his list. On February 22, Binance moved $1.94 billion to cold storage, putting it in second place.

In June 2018, Tron founder Justin Sun transferred $1.46 billion to the Huobi exchange. This came in fourth place. Subsequently, in April 2020, $1.1 billion in BTC was transferred from Bitfinex to replenish its exchange hot wallet. Among these notable transactions is a $65.53 million XRP transfer from Bitso to Bithumb. While all these transactions are notable, none compare to Ethereum co-creator Vitalik Buterin’s huge 410 trillion Shiba Inu burn.

Grogan claimed that if transactions to burn addresses are included, Vitalik Buterin’s $7 billion may be the most of all time. This amount exceeds the $4.4 billion ETH transfer between Binance wallets. Grogan also claims that he did not include $13 billion in BETH burned back on June 7, 2022, in his list due to a lack of clarity on the transaction.

Ethereum co-creator Vitalik Buterin burned 90% of his SHIB holdings, totaling around $7 billion, in May 2021, stating that he did not want to be a locus of power of that kind. Buterin had been given half of SHIB’s whole supply involuntarily.

Over 410 trillion tokens were sent to a dead blockchain address in a single transaction, effectively removing them from circulation. The remaining 10% was set aside for charitable purposes by Buterin.

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