Ethereum co-founder Vitalik Buterin is receiving a share of Shiba Inu coins back that he previously donated to an Indian COVID-19 Relief Fund in the year 2021, also known as CryptoRelief. This was shared by the fund’s founder Sandeep Nailwal and Buterin on Friday. Buterin reported on Twitter that CryptoRelief is sending $100 million in cryptocurrencies from the ‘Shiba Fund’. This move came just before the Indian government was gearing up to present the Union Budget on Feb 1. Ethereum Co-Founder Vitalik Buterin Donates over $1 Billion Worth Ethereum and ‘Meme Coins’ to India COVID Relief Fund
Nailwal hinted that the country’s crypto wariness figured in the decision to return the amount in stablecoin to Buterin.
Buterin said he plans to deploy these funds “individually” into some “high-risk, high-reward COVID science and relief projects around the world.” Buterin has also set up a new organization named Balvi, which will oversee the deployment of funds on his behalf.
According to Buterin, Balvi will primarily focus on deploying the ‘SHIB Fund’ in the areas of vaccine research and development, funding new air filtration projects and more.
Meanwhile, Sandeep Nailwal, co-founder of Polygon and founder of Crypto Relief, has confirmed Buterin’s statement, saying that he will release funds in USDC. USDC is a stable coin, pegged to the US dollar. According to Sandeep, the decision to return some of the funds to Buterin was taken to avoid conflict with Indian laws on the distribution of relief funds.
He added that Crypto Relief followed a systematic, controlled and robust approach keeping in mind the inflow of funds and the laws of India. But being an Indian Citizen (NRI) I have to be extra cautious in any of the projects being donated. Global Crypto Market Suffers $1 Trillion Loss as Bitcoin Crashes
After creating a quadrillion SHIB tokens in the year 2020, Mimecoin co-founder Ryoshi told the ‘WOOF paper’ he would send 50 percent of the total coins to Buterin’s contribution to the crypto ecosystem.
After this Buterin donated 50 trillion SHIB to the India Crypto Relief Fund in the war against COVID. They burned 90 percent of their remaining holdings (410 trillion SHIB) worth $6.7 billion. However, the use of cryptocurrencies is increasing around the world. Along with this, all the countries are also thinking about regulating it.
(The above story first appeared on Morning Tidings on Feb 01, 2022 03:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
Leave a Reply