Ethereum Co-Founder Vitalik Buterin Gets His $100 Million Donation Back From India

February 2, 2022

Ethereum co-founder Vitalik Buterin, the youngest crypto billionaire gets his $100 million worth of Shiba Inu (SHIB) coins that he donated to the Indian Covid-19 Relief Fund CryptoRelief back in 2021.

Here’s what we know so far:

  • Buterin mentioned in a Tweet that CryptoRelief is sending $100 million back from the Shiba Fund and he plans to deploy these in some “higher risk, higher reward COVID science and relief projects worldwide.”
  • Buterin also stated that he has co-founded a new organization named Balvi, which will oversee the process of deploying the funds on his behalf.
  • This came in as a response to a Tweet by Sandeep Nanilwal, co-founder of Polygon and founder of CryptoRelif.
    Nanilwal further said in a tweet that “Considering fund’s foreign origin and laws of India, CryptoRelief followed a systematic, controlled, and robust approach in disbursing funds mandated to be utilised for India. But being an Indian citizen (NRI), I have to be extra cautious in any of the projects being donated to.”
  • Back in May 2021, Vitalik contributed a massive 50trillion SHIB to the fund, to help battle the country’s second wave during the pandemic.
  • He then burnt about 90 percent of his remaining holdings (410 trillion SHIB) valued at around $6.7 billion (roughly Rs. 50,045 crores) then, citing the danger of being the locus power of holding that amount of the total circulation of a coin.

 


About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

 

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