Ethereum co-founder Vitalik Buterin announced via Twitter that India-based Covid relief fund CryptoRelief is sending back $100 million of the SHIB funds that were previously donated to the charity and outlined his plans to deploy these funds in some ‘higher-risk higher-reward covid science and relief projects worldwide’.
The move comes as the Indian government is preparing to present the nation’s budget on Feb. 1, 2022. The country’s lawmakers have been exploring new crypto regulations. Nailwal hinted that the country’s vigilant outlook towards crypto has influenced in the decision to return the amount in stablecoin to Buterin.“
Taking into account the fund’s foreign origin and laws of India, Crypto Relief followed a systematic, controlled & robust approach in disbursing funds mandated to be utilized for India,” tweeted Polygon’s founder Sandeep Nailwal who oversaw the donation. “But being an Indian citizen [NRI], I have to be extra cautious in any of the projects being donated to,” he added.
In a series of tweets, Nailwal stated that CryptoRelief still reserves 302 million USDC [Apart from 70 million that it has already deployed] that would be disbursed in different initiatives across India as and when required.
Previously on May 2021, Vitalik Buterin contributed 50 trillion in SHIB tokens which were worth about $1.2 billion at that time, an amount that the creators of Shiba Inu sent him free, to the CryptoRelief fund. He burned the rest of the tokens.
This is how Vitalik Buterin dump SHIB tokens
In a recent podcast episode of UpOnly Podcast, Buterin recalled how he managed to sell billions worth of SHIB tokens that were sent to him unsolicited by the meme coin creators. That’s what drove the asset for a massive price rally and reaching the top 10 positions for the first time.
Describing the ordeal as fun and exciting as well as scary, Vitalik Buterin likened the whole process to a James Bond movie. He said the experience was both hair-raising and amusing given that it was more money than he had ever had. “It was scary and involved a procedure that would probably make a good plot for a James Bond movie eventually,” Buterin said.
