Vitalik Donates $1B SHIB for Crypto Relief Fund in India. What Happens to it?
- Vitalik Buterin donated $1 billion Shiba Inu (SHIB) for the crypto relief fund in India.
- The total value of the donated meme token is about $1 billion.
- The SHIB price declined 50% and the value of his donation came down to $400M.
Ethereum Co-founder Vitalik Buterin donated $1 billion Shiba Inu (SHIB) for the crypto relief fund in India. However, the relief fund faced many problems in liquidation due to the regulatory uncertainty issues and India’s Foreign Contribution Regulation Act.
Crypto Covid Relief Fund
When the second wave of Covid hits India, there is an extreme shortage of medical supply and hospital infrastructure. Added to this, few of the crypto communities came forward for help. Even more, Indian crypto Entrepreneur and Co-founder of Polygon Sandeep Nailwal launched a crypto covid relief fund. In addition, the relief fund was developed in April and gathered a lot of international support with many notable donations like the donation from ETH Co-founder Vitalik Buterin.
Can’t take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India.
Need help from the Global crypto community.
I will take full responsibility for transparency, funds usage and regulatory compliance
If you want to donate.. 1/n
— Sandeep – Polygon (@sandeepnailwal) April 24, 2021
More so, Buterin donates 50 trillion SHIB from his wallets which is transferred by the Shiba Inu developers at the time of the coin launch to gain attention. Notably, at the time of Vitalik’s donation, the total value of the donated meme token is about $1 billion. Afterwhich, the price of SHIB declined 50% and the value of his donation came down to $400 million.
Can’t take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India.
Need help from the Global crypto community.
I will take full responsibility for transparency, funds usage and regulatory compliance
If you want to donate.. 1/n
— Sandeep – Polygon (@sandeepnailwal) April 24, 2021
In addition, many sports celebrities such as Brett Lee and Patt Cummins also donated for the fund in cryptocurrencies.
80% of Funds Liquidated
There are many issues in liquidating funds. Due to issues, the creators need to liquidate the tokens in USD and then into the Indian Rupee. Moreover, Nailwal reveals that almost 80% of the funds have been liquidated till now.
Notably, a total of $20 million have been donated for covid relief and another $20 million is in the pipelines until now. Furthermore, the project creators work tirelessly to make sure India doesn’t face a similar situation as the third wave is expected to hit soon.
