During a visit to the UpOnly Podcast on January 21, Ethereum inventor Vitalik Buterin shared how he felt when the Shiba Inu (SHIB) was pouring into the market. What happened before and Buterin’s vulnerabilities cryptocoin.com compiled for our readers.
Shiba Inu team donated half the supply
Shiba Inu, or SHIB, is a Dogecoin-inspired, Ethereum-based meme token that rose in value last year. According to data from CoinGecko, at one point last year, SHIB rose more than 40,000,000%, making early investors in the token rich in a very short time. Last May, anonymous developers gifted Buterin 50% of the total SHIB token supply, bringing his total to about $8 billion. The developers did this because they thought Buterin would effectively burn off the supply, reducing it and increasing demand.
Later that month, Buterin sent SHIB and other crypto donations he received to various charities, including SHIB 50 trillion, which was about $1.2 billion at the time, to the Covid Crypto Relief Fund of India. Buterin then burned about 90% of the remaining SHIB tokens. “I don’t want to be the focus of that kind of power,” he said in a note attached to one of the transactions at the time. But exactly how Buterin got rid of these tokens is arguably just as interesting.
Ethereum inventor buys new computer for transactions
Buterin explained the complex process that must go through to access and then send SHIB tokens, including purchasing a new laptop to complete the transaction. He shared his thoughts with:
It was scary and fun at the same time. The scary part is this is more money than I’ve ever had.
He said the tokens were originally in a cold wallet in the form of two numbers written on separate pieces of paper. He added that he had to combine two numbers to get the private key:
One of these numbers was with me and the other was with my family in Canada. So I had to call my parents in Canada and tell them to read their number to me.
Buterin said that after adding the two numbers together, he entered the numbers into the computer he bought from Target:
I sent my ETH by creating a transaction and then on a computer I bought from Tarjay (Target) for around $300 just for this purpose.
Buterin said he downloaded a program to generate QR codes before completely disconnecting the laptop from the internet. After creating the Ethereum transaction, he scanned the QR code with his phone, copied it to the laptop, and then put it in etherscan.io/push Tx. Finally, Buterin said he started sending the tokens:
So it was scary and involved a procedure that would probably make a good plot for a James Bond movie in the end.
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