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The Crypto Relief Foundation, focused on combating COVID-19 in India, returned some of the funds that he donated to the organization to Vitalik Buterin. The parties agreed that the co-founder of Ethereum could act more quickly, since it is not limited by local law.
CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. https://t.co/xvHxzwwdn8
— vitalik.eth (@VitalikButerin) January 28, 2022
In May 2021, Shiba Inu (SHIB) developers sent half of the token supply to Buterin’s wallet, making him the largest holder of the meme-cryptocurrency.
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Later, Buterin burned 410 trillion SHIB, or 90% of his coins, and promised to donate 10% (70 trillion SHIB) to charity. In the same month, he transferred more than 50 trillion SHIB (over $1 billion at the exchange rate at that time) to the COVID-19 pandemic fund in India.
The Ethereum co-founder previously donated $600,000 in cryptocurrencies to this campaign.
According to the founder of the fund, Sandeep Nailwal, as a resident of India, he is forced to act in accordance with local laws. According to him, Buterin is not bound by these restrictions, therefore, “he can make decisions faster and direct funds to projects that have a higher risk, but also a high return.”
Per conversations with Vitalik (who donated ~98% of the fund) on accelerated funding in Biotechnology & Medical Science at global scale, it was concluded to a-portion 100 million USDC to Vitalik’s vision for him to implement the same
— Sandeep | Polygon 💜 (@sandeepnailwal) January 28, 2022
“In a conversation with Vitalik (whose donations made up ~98% of the fund) about accelerated funding for biotech and medicine on a global scale, it was decided to allocate 100 million USDC to his concept so that he would implement the same,” Nailwal wrote.
Buterin plans to use funds to finance scientific and charitable projects to combat the pandemic. For asset management, he created the Balvi organization.
I’ve cofounded a new org (Balvi) to direct these funds, which is in a better position to make these bets which will are very-high-value and global in nature and bring great benefit to Indians and non-Indians. You can follow funds at this address:https://t.co/mvmSSGPLmI
— vitalik.eth (@VitalikButerin) January 28, 2022
Nailwal emphasized that Crypto Relief is “setting aside 302 million USDC to distribute funds to needy regions in India, as it does now.”
Recall that in July 2021 it became known that the fund supported by Buterin managed to convert only $20 million of the 50 trillion SHIB received by him (~$313.5 million at that time).
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