Ethereum founder, Vitalik Buterin, donated $1 billion last year to India’s fight against COVID-19. shiba inu (SHIB) is preparing to buy back $100 million of its token. Buterin drew the backlash from investors by donating SHIB tokens to an India-based relief fund.
CryptoRelief Will Pay Back 100 Million Shiba Inu (SHIB) Tokens to Vitalik Buterin
Founder of the charity fund and also polygon Sandeep Nailwal, one of the founders of the altcoin project, conveyed the development with the following tweet: “We will return 100 million USDC of the donated amount to Vitalik Buterin. With the money repaid, high risk/high reward projects outside India will be funded.”
CryptoRelief Update:
Have been in discussions with @VitalikButerin on how to accelerate relief efforts in India. And we have come up with a solution, we will moving $100mn USDC back to Vitalik, a non-Indian, to do fast deployment in high risk/reward projects.
Why? a thread
— Sandeep | Polygon 💜 (@sandeepnailwal) January 28, 2022
Last May, Buterin donated 50 trillion SHIB tokens, which at the time amounted to approximately $1.2 billion, to a fund called CryptoRelief. The tokens were sent to Buterin against his will by the Shiba Inu founder. Buterin burned the rest of the coins he had.
Buterin also tweeted that he would use the $100 million repayment for high-risk/high-reward COVID-19 science and relief projects “to complement the excellent work the CryptoRelief fund is doing.”
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
This move by the parties came just before India presented the country’s budget on February 1. It is estimated that Indian authorities will implement new crypto money regulations.
Nailwal stated that India’s attitude towards cryptocurrencies influenced him to return the amount in question to Buterin: “Given the foreign origin of the sent fund and Indian laws, CryptoRelief takes a systematic, controlled and robust approach to the distribution of funds planned to be used for India. followed. But as a citizen of India, I have to be extra careful about donated projects.”