This myth began because egg yolks have the most concentrated amount of cholesterol of any food. Egg whites do not contain cholesterol. The cholesterol coming from food is now known not to raise your blood cholesterol levels significantly. Instead, it is the saturated fat and trans fat in the diet that do raise the cholesterol levels in your blood. Eggs are actually a great source of nutrients and are not harmful if eaten in moderation.

Additional Resources

http://www.fsis.usda.gov/Fact_Sheets/Focus_On_Shell_Eggs/index.asp