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Buterin donated a whopping 50.7 trillion in Shiba Inu, or $SHIB, tokens worth $1.02 billion at the time two years ago. The Indian Crypto Relief Fund, which gained fame in May 2021 after getting the $1 billion to help combat the Covid-19 pandemic in India, has reportedly distributed only 6% of the raised funds to charities, investigated by DL news.
The fund, which received donations from Ethereum founder Vitalik Buterin and other big-name donors, aimed to quickly convert cryptocurrency donations into cash to aid Indian charities in their Covid-19 relief efforts. However, the distribution of the mammoth sum has been hindered by the pseudonymous nature of cryptocurrency transactions, logistics hurdles presented by lockdowns, and the challenge of converting a volatile cryptocurrency into cash.
DL News found that of the $1 billion initially raised, only $464 million was realised, with $274 million still sitting dormant in the Crypto Relief Fund's wallets, and $40 million in fiat sitting in a Puerto Rican bank account. The remaining $100 million was sent back to Buterin himself, who created his own philanthropic fund for Covid-related "moonshot" ventures.
The CEO of Polygon, Sandeep Nailwal, who tweeted about the initiative, announced a change in the fund's mandate, with the remaining $274 million to go towards upgrading healthcare in India.
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