CryptoRelief India will return $100 million worth of donation to the Ethereum co-founder
Due to the rules and regulations of India, CryptoRelief will return the donations to Vitalik Buterin.
In 2021, Tesla CEO Elon Musk indirectly supported Shiba in coin. After getting huge success in the crypto industry, the project team of Shiba Inu coin donated 50% of the total supply of Shiba Inu coin to the Ethereum co-founder Vitalik Butterin. Vitalik donated $100 million worth of Shiba Inu coins to the CryptoRelief fund, set up by Polygon co-founder Sandeep Nailwal. Vitalik burned the rest of Shiba Inu’s tokens.
On 28 January 2021, Sandeep Nailwal, Polygon co-founder, informed the community about an issue with the donated funds.
Sandeep said that the CryptoRelief fund decided to return the donation because the origin of donated funds was non-Indian.
“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. But being an Indian citizen(NRI), I have to be extra cautious in any of the projects being donated to.”
Polygon co-founder also said that it will be better to return the funds to Vitalik to follow the compliance and also added that Vitalik will use the funds in better works like Research and development in Biotechnology and Medical science.
“Hence, to enable this vision, especially in R&D, “which may extend beyond India”, a sum of 100 million USDC will be transferred back to Vitalik’s address for accelerated funding in the domains of Biotechnology and Medical science, wherever he deems fit.”
Sandeep confirmed that Crypto Relief will still reserve around 302 million dollars, excluding the donated funds.
In response, Vitalik wrote on Twitter about this matter and said that they will now use these funds for the R&D in vaccines like Covid-19.
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