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HomeCrypto NewsMarketVitalik Stunned On Crypto.com Holding Shiba Inu As Reserve

Vitalik Stunned On Crypto.com Holding Shiba Inu As Reserve

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Shib Proponents Criticize Vitalik Buterin for His Shiba Inu Comments at LABITCONF.


Vitalik Buterin’s Shiba Inu comments at the recent LABITCONF conference have sparked mixed reactions from SHIB proponents, as some berate the Ethereum co-founder for his remarks.

A prominent member of the Shiba Inu community, Lucie, along with other SHIB proponents, has come up to criticize co-founder of Ethereum, Vitalik Buterin, for his remarks on Shiba Inu at the recent LABITCONF conference. Nonetheless, others believe the Ethereum co-founder meant no harm and his words were merely misconstrued.

Recall that Buterin was spotted at the latest Latin American Bitcoin and Blockchain Conference (LABITCONF) 2022, which was held in Buenos Aires, Argentina, amidst the FTX saga. At the conference, Buterin’s opinion was sought on the fact that Singapore-based exchange Crypto.com holds 20% of its reserves in Shiba Inu.

As reported by The Crypto Basic, Crypto.com holds about 20% of its reserves in Shiba Inu; this translates to 32 trillion SHIB, valued at 500M+, which is more than Ethereum as the exchange holds ETH worth $485.9M.

In response to a question about Crypto.com holding Shiba Inu as a reserve, Buterin reacted with a raised eyebrow, indicating that he was taken aback by the revelation. “Wow! 20% in Shiba Inu. That is. . . impressive,” he remarked in response. Buterin highlighted that he is impressed that Shiba Inu still has up to $6B in market cap.

He noted that he does not understand why anyone would hold up to $10 million in Shiba Inu. “I do not understand the psychology of someone who holds $10 million in Shiba Inu right now,” he said.

Reactions from the SHIB community have surfaced, especially considering Buterin’s friendly relationship with the project. Shiba Inu’s anonymous founder Ryoshi claimed that he gifted Buterin almost 50% of the asset’s supply. In May last year, Buterin burned 90% of the SHIB in his portfolio, donating the remaining 10% to charity.

In July, Buterin expressed gratitude to the Shiba Inu team for the project’s role in ensuring the AI Existential Safety Fellowship was a success, The Crypto Basic reported. Additionally, in September, he thanked the Shiba community for supporting the Balvi project.

SHIB has not been immune to the damaging effects of the recent FTX saga, as it appears to have shed 12% of its value in the past week.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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