Ethereum co-founder Vitalik Buterin has cautioned investors to stay away from some cryptocurrency projects. On Thursday, shortly after selling some of the free tokens he had in his wallet, he sent this warning.
According to a post by Vitalik Buterin on the subreddit “Testingtesting62831,” he warned that all crypto tokens or projects discussed in that forum are “shitcoins” and that investing in them is likely to result in financial losses. He advised investors to steer clear of such forums and exercise caution when evaluating investment opportunities.
“BITE and most other coins being discussed on this forum are shitcoins, have no redeeming cultural or moral value, and will probably lose you most of the money you put into them. I anti-endrose these projects to the greatest extent,”
It seems that the subreddit in question, “Testingtesting62831,” is primarily focused on discussing low-value meme coins like $BITE. Vitalik Buterin has been vocal about his opposition to these types of coins and has sold them on multiple occasions.
Usually, it’s small investors who invest in these so-called “shitcoins” with the hopes of making quick profits. Unfortunately, these investments often end up resulting in significant financial losses. It’s important to remember that investing in any cryptocurrency project requires careful research and consideration, and investors should be wary of any investment opportunity that seems too good to be true.
Recently, Vitalik Buterin has reportedly sold nearly $700,000 worth of tokens that he had received through airdrops. According to Etherscan, on March 7, a wallet associated with Buterin sold off 500 trillion SHIKOKU (SHIK) for 380.3 ETH ($595,448), nearly 10 billion Cult DAO (CULT) for 58.1 ETH ($91,021), and 50 billion Mops (MOPS) for 1.25 ETH ($1,950).