Vitalik Buterin, co-founder of the Ethereum crypto network and the world’s youngest known crypto billionaire, will receive a portion of the Shiba Inu crypto coins he had donated to a Indian COVID-19 Relief Fund in 2021. In a tweet, Buterin said that CryptoRelief is sending $100 million (approximately Rs 745 crore) in cryptocurrency from the “Shiba fund”. “I plan to personally deploy these funds” to some “highest-risk, highest-reward COVID science and relief projects around the world.”
Buterin went on to say that he has founded a new organization (Balvi) to run these funds, which he says is in a better position to deploy the funds on his behalf.
For the uninitiated, Buterin in May donated over $1 billion worth of meme coins to India. COVID-19 relief fund, as well as a number of non-profit organizations fighting the country’s aggressive second wave. A large part of Buterin’s donation was made using massive amounts of dog-themed ‘meme coins’, which had been given to him for free by the creators of the Shiba Inu (SHIB), Dogelon (ELON) and Akita Inu coin. (AKITA), reported Forbes. He donated 50 billion SHIB tokens, worth about $1.2 billion, to the India Covid Relief Fund, founded by businessman Sandeep Naliwal.
Nailwal confirmed Vitalik’s statement in a tweet, saying that they would release the funds in the USDC cryptocurrency. “Considering the foreign origin of the fund and the laws of India, CryptoRelief followed a systematic, controlled and robust approach in disbursing the funds intended to be used in India. But being an Indian citizen (NRI), I have to be very cautious in any of the projects donated to,” he added.
Aside from this, Buterin also donated around $1.5 billion worth of coins to Indian charities, some of which came in his own cryptocurrency, Ether. According to Forbes, he donated millions of dollars to tech-focused charities like GiveWell, the Methuselah Foundation, and the Machine Intelligence Research Institute.