One of the most interesting stories of the crypto world recently, Ethereum founder Vitalik Buterin and Shiba Inu (SHIB) There is a new development in the saga.
Ethereum founder Vitalik Buterin has received back $100 million of his massive Shiba Inu donation to the Crypto Relief fund over the past months.
“CryptoRelief is returning $100 million of SHIBA funds to me. I intend to personally distribute these funds, with the help of scientific advisors, to support the already excellent work of CryptoRelief with some of the higher risk, higher reward covid science and charity projects around the world.”
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
Polygon co-founder Sandeep Nailwal, one of the creators of the charity fund in question, explained why this should be the case, explaining that it must comply with India’s laws that limit the scope of projects to which he can contribute money. At the same time, Buterin, a Canadian citizen, has more leeway when it comes to donations, which allows him to make riskier bets:
“The fact that Vitalik is non-Indian helps him make this distribution faster by making faster decisions and settling on projects with higher risk but also higher return.”
Buterine; He also explains that he is co-founder of an organization called “Balvi,” which will direct funds to projects focused on research and development in vaccine research and development, ventilation, air filtration and other areas.
The total value of the $100 million returned SHIB has been converted to USD Coin (USDC), meaning that future donations will not put selling pressure on the SHIB token.
The 27-year-old billionaire, who was unwittingly forced to accept half of the Shiba Inu supply as a gift by the creator of the meme coin, caused quite a stir in early May after donating $1 billion in SHIB to the pandemic-focused relief fund and burning the remaining SHIB. However, due to price volatility and compliance issues, it was difficult to actually cash out this generous donation.
In a podcast with Lex Fridman, Buterin explained how he realized how great value his dog money was and how he decided to do “really good things” with them:
“I’ve seen these dog tokens, I’ve seen more and more people talk about them, and at one point I realized that these things are worth billions of dollars. Then I thought, there are some really good things I can do with it.”
After this awareness, the ETH founder made a large donation to the Crypto Relief foundation and burned 90 percent of his remaining Shiba Inu stash, which was worth approximately $6.7 billion at the time. The Canadian-Russian programmer also asked the project creators not to send him tokens without his consent.
Speaking about this giant SHIB burning process recently, Vitalik Buterin detailed the $6.7 billion burning process he carried out in May in an episode of Up Only podcast and said that the process was quite fun but also scary.
“The whole process was both spooky and fun. The scariest part was that it was a much larger amount of money than I ever had.”