Buterin to Use Returned $100M From SHIB Donation for COVID Projects

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Key Takeaways:

  • According to a Tweet by the fund’s founder Sandeep Nailwal and Buterin, Ethereum founder Vitalik Buterin will receive $100 million in USDC.
  • Last May, Buterin donated 50 trillion SHIB tokens (worth about $1.2 billion at the time) to the CryptoRelief fund, which he received unsolicited from the creators of Shiba Inu.

According to a Tweet by the fund’s founder Sandeep Nailwal and Buterin, Ethereum founder Vitalik Buterin will receive $100 million in USDC from the more than $1 billion in Shiba Inu. He previously donated to the India-focused COVID-19 relief fund, CryptoRelief.

“We will move $100mn USDC back to Vitalik, a non-Indian, to do fast deployment in high risk/reward projects,” tweeted Nailwal, who is also the co-founder of Polygon. Last May, Buterin donated 50 trillion SHIB tokens (worth about $1.2 billion at the time) to the CryptoRelief fund, which he received unsolicited from the creators of Shiba Inu. He burned the rest of the tokens.

Buterin tweeted that he will use the $100 million “to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide.”

The latest move comes as the Indian government prepares to present the country’s budget on February 1. The country is also considering regulating cryptocurrencies in some way. Nailwal hinted that the amount in stablecoin would be returned to Buterin due to India’s crypto apprehension.

Nailwal further added that keeping in view the fund’s foreign origin and laws of India, Crypto Relief followed a systematic, controlled & robust approach. The approach was followed in disbursing funds mandated to be utilized for India.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.