In brief

  • Ethereum founder Vitalik Buterin will receive $100 million in USDC stablecoin, pulled from the $1 billion worth of SHIB he donated in May 2021.
  • Buterin will use the funds for biotech and medical science endeavors after the Indian charity faced issues with deploying crypto donations.

When the creators of popular meme token Shiba Inu (SHIB) sent half of the supply to Ethereum founder Vitalik Buterin in May 2021, he did something unexpected in turn: he donated about $1 billion worth to Indian COVID-19 relief fund, CryptoRelief, before “burning” the rest.

However, now $100 million of the donated funds will be sent back to Buterin. Today, CryptoRelief founder Sandeep Nailwal—also co-founder of Ethereum sidechain scaling solution Polygon—announced that the funds will be returned to Buterin with his blessing.

In a Twitter thread, Nailwal explained that Buterin can use the funds more effectively for charitable aims as a non-Indian citizen. CryptoRelief has to be “extra cautious” to stay in “full compliance of Indian jurisdiction,” and Nailwal wrote that as a non-resident Indian citizen, he has likewise has to be cautious about which projects receive donations from the organization.

“Vitalik being a non-Indian can do it in a more accelerated way by being able to do faster decision-making,” Nailwal wrote, “and deploying to projects which have higher risk but high rewards too.”

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