Vitalik Buterin, the co-founder of Ethereum, had recently donated over $1 billion in Shiba Inu (SHIB) token to Covid-19 relief in India via CryptoRelief. The founder of the fund, Sandeep Nailwal, who is also the co-founder of Ethereum scaling solution Polygon (MATIC), revealed in a series of tweets that the fund would be giving back Buterin $100 million in USDC.
Buterin will use $100M for Covid-related projects
CryptoRelief founder Nailwal said that the fund has decided to return $100 million in USDC, which will be used for “high risk/reward projects.” Last year, the Shiba Inu Foundation sent around $1.2 billion worth of SHIB tokens at that time (around 50 trillion in SHIB tokens) to Buterin, which the Ethereum co-founder donated to the CryptoRelief fund. Furthermore, the rest of the SHIB tokens were burned.
“We will move $100mn USDC back to Vitalik, a non-Indian, to do the fast deployment in high risk/reward projects,” revealed Nailwal.
Buterin, ‘who recently said that NFTs need to be soulbound,’ confirmed in a tweet that he will be using the $100 million in USDC “to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide.”
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
CryptoRelief’s compliance with Indian authorities
Nailwal revealed that CryptoRelief believes that Buterin is the perfect fit for the allocation of funds all over the world to aid Covid-related projects. He stated that being an NRI or Non-Registered Indian, he will have to be extra cautious when investing in a project via CryptoRelief’s funds.
“Vitalik being a non-Indian, can do it in a more accelerated way by being able to do faster decision making and deploying to projects which have higher risk but high rewards too.”
CryptoRelief will transfer around $100 million in USDC back to Buterin “for accelerated funding in the domains of Biotechnology and Medical science,” and the scope of which may extend outside of India. Furthermore, Nailwal also stated that CryptoRelief still has $302 million in USDC ready for dispersal in areas of India that are affected worst.