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Vitalik Buterin is receiving $100m Shiba Inu back from the Covid Relief Fund

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Joyashree Dey Follow

INDIA

Jan, 31 2022

Jan, 31 2022

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On January 28 the fund's founder Sandeep Nailwal and Buterin tweeted that Ethereum organizer Vitalik Buterin will get back $100 million in USDC from the more than $1 billion in Shiba Inu he recently gave to the India-centered COVID-19 alleviation store, CryptoRelief.

"We will move $100mn USDC back to Vitalik, a non-Indian, to do the fast deployment in high risk/reward projects," tweeted Nailwal, who is likewise the co-founder of Polygon, on Friday.

Last May, Buterin gave 50 trillion in SHIB tokens (worth about $1.2 billion around then), which the makers of Shiba Inu sent him unsolicited, to the CryptoRelief store. He consumed the other tokens.

Nailwal added that Buterin's original donation made up 98% of the association's absolute contributions and that $100 million of the leftover finances will be sent back in the USDC stablecoin. Buterin said that his new association will zero in on wagers that are " very-high-value and global in nature and bring great benefit to Indians and non-Indians."

Buterin tweeted that he will utilize the $100 million "to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide."

The move comes as the Indian government is equipping to introduce the country's financial plan on Feb. 1. The country's administrators have been weighing new crypto guidelines.

Nailwal implied that the country's crypto wariness figured in the choice to return the sum in stablecoin to Buterin.

"Considering 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 Nailwal. "But being an Indian citizen (NRI), I have to be extra cautious in any of the projects being donated to," he added.

As per Nailwal, CryptoRelief has dispensed about $70 million worth of funds inside India and holds $302 million worth outside of the $100 million that will be sent back to Buterin.


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Joyashree Dey

CBW - External Analyst

INDIA

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