India’s COVID-19 aid fund, CryptoRelief, has announced plans to return $100 million worth of USDC from the SHIB donation funds to Vitalik Buterin.
Buterin, the co-founder of Ethereum and a strong global crypto figure, donated 50 trillion SHIB tokens given to him by Shiba Inu developer to the charity organization last May. According to market prices at the time, the tokens were worth $1.2 million.
“Have been in discussions with @VitalikButerin on how to accelerate relief efforts in India. And we have come up with a solution, we will moving $100mn USDC back to Vitalik, a non-Indian, to do fast deployment in high risk/reward projects,” CryptoRelief’s founder Sandeep Nailwal announced on Twitter.
In response to Sandeep’s tweet, Vitalik Buterin tweeted that he plans to “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.”
The crypto industry in India has been plagued with uncertainties. Stakeholders fear that new regulations will be introduced alongside the new budget that is scheduled to be presented on Feb. 1. As a native of India, Sandeep Nailwal would be affected by any restrictions imposed by the Indian government, which is why CryptoRelief is transferring the funds back to Buterin.