Ethereum founder Vitalik Buterin is getting back a portion of a SHIB donation he gave to an Indian-based relief fund in 2021.
According to a Friday tweet, the Ethereum co-founder said that after deep consultations with the Indian-focused covid relief fund committee, they had agreed to release $100 million worth of Shiba Inu to him in a bid to accelerate the deployment of those funds to relief projects all over the globe.
“CryptoRelief sending $100m of the $SHIBA funds back to me,” he wrote.
“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.”
He went on to say that in pushing for a transparent way of deploying the said funds, he had co-founded a new organization named Balvi which was in a better position to foresee the process. The organization would primarily focus on vaccine research and development(RD), funding innovative air filtration projects, testing among others.
Sandeep Nailwal, a co-founder of Polygon and also the founder of Crypto Relief confirmed Vitalik’s statement, saying that they would be releasing the funds in USDC. According to Sandeep, the decision to return some of the funds to Vitalik was largely informed by the need to avoid conflicting with Indian laws on the distribution of relief funds.
“Considering 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. But being an Indian citizen (NRI), I have to be extra cautious in any of the projects being donated to,” he said.
He further noted that Vitalik, being a non-Indian was better suited to making decisions and deploying to projects which have a higher risk but high rewards faster.
After minting one quadrillion SHIB tokens in 2020, Ryoshi, a co-founder of the meme coin noted in the ‘WOOF Paper’ that they would be sending 50% of the total coins to Vitalik as an appreciation for his contribution to the crypto ecosystem.
Vitalik would later give 50 Trillion SHIB (about $1.2 Billion at the time) to the Indian Relief Fund for the mitigation of COVID-related effects. He then burnt about 90% of his remaining holdings (410 trillion SHIB) valued at around $6.7 Billion then, citing danger behind being the locus power of that kind.