{"id":56800,"date":"2022-01-28T19:06:58","date_gmt":"2022-01-28T17:06:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56800"},"modified":"2025-09-04T08:18:11","modified_gmt":"2025-09-04T05:18:11","slug":"indian-covid-relief-fund-returns-part-of-vitalik-buterins-donations","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/indian-covid-relief-fund-returns-part-of-vitalik-buterins-donations\/","title":{"rendered":"Indian COVID-relief fund returns part of Vitalik Buterin&#8217;s donations"},"content":{"rendered":"<p>The India-focused COVID-19-relief fund Crypto Relief has returned part of the funds Vitalik Buterin donated to the organisation. The parties decided that the Ethereum co-founder could act more swiftly, as he is not bound by local law.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">CryptoRelief sending $100m of the <a href=\"https:\/\/twitter.com\/search?q=%24SHIBA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$SHIBA<\/a> funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief\u2019s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. <a href=\"https:\/\/t.co\/xvHxzwwdn8\">https:\/\/t.co\/xvHxzwwdn8<\/a><\/p>\n<p>\u2014 vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1487073874193702916?ref_src=twsrc%5Etfw\">January 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In May 2021, Shiba Inu (SHIB) developers sent to Buterin&#8217;s wallet <a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-emerges-as-the-largest-holder-of-shiba-inu\">half of the token supply<\/a>, making him the largest holder of the meme cryptocurrency.<\/p>\n<p>Later, Buterin <a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-burns-90-of-his-shiba-inu-tokens\">burned 410 trillion SHIB or 90% of the coins he owned<\/a>, and 10% (70 trillion SHIB) he pledged to donate to charity. In the same month, he transferred more than 50 trillion SHIB (over $1 billion at the rate at the time) to the COVID-19 relief fund in India.<\/p>\n<p>Earlier, Buterin donated <a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-donates-over-600000-to-covid-19-relief-fund\">$600 000 in cryptocurrency<\/a> to this campaign.<\/p>\n<p>According to the fund&#8217;s founder Sandeep Nailwal, as an Indian resident he is obliged to act in accordance with local laws. He said that Buterin is not bound by these constraints, and therefore &#8220;can move more quickly to direct funds into higher-risk but high-return projects&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Per conversations with Vitalik (who donated ~98% of the fund) on accelerated funding in Biotechnology &#038; Medical Science at global scale, it was concluded to a-portion 100 million USDC to Vitalik\u2019s vision for him to implement the same<\/p>\n<p>\u2014 Sandeep | Polygon \ud83d\udc9c (@sandeepnailwal) <a href=\"https:\/\/twitter.com\/sandeepnailwal\/status\/1487073273472897025?ref_src=twsrc%5Etfw\">January 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In a conversation with Vitalik (whose donations accounted for ~98% of the fund) on accelerated funding in biotechnology and medicine at a global scale, it was decided to allocate 100 million USDC to his vision so that he could implement the same,&#8221; Nailwal wrote.<\/p>\n<\/blockquote>\n<p>Buterin plans to direct the funds toward financing scientific and charitable projects to combat the pandemic. To manage the assets, he formed Balvi.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I\u2019ve cofounded a new org (Balvi) to direct these funds, which is in a better position to make these bets which will are very-high-value and global in nature and bring great benefit to Indians and non-Indians. You can follow funds at this address:<a href=\"https:\/\/t.co\/mvmSSGPLmI\">https:\/\/t.co\/mvmSSGPLmI<\/a><\/p>\n<p>\u2014 vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1487073875808583682?ref_src=twsrc%5Etfw\">January 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nailwal emphasised that Crypto Relief &#8216;reserves 302 million USDC to distribute funds to India&#8217;s needy regions, as it does now&#8217;.<\/p>\n<p>Earlier, in July 2021, it emerged that the fund backed by Buterin had managed to convert only $20 million of the 50 trillion SHIB it had received (~$313.5 million at the time).<\/p>\n<p>Follow ForkLog news on Facebook!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The India-focused COVID-19-relief fund Crypto Relief has returned part of the funds Vitalik Buterin donated to the organisation. The parties decided that the Ethereum co-founder could act more swiftly, as he is not bound by local law.<\/p>\n","protected":false},"author":1,"featured_media":56801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[306,200],"class_list":["post-56800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-charity","tag-vitalik-buterin"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=56800"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56800\/revisions"}],"predecessor-version":[{"id":56802,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56800\/revisions\/56802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/56801"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=56800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=56800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=56800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}