Here’s Why Ethereum Co-founder Vitalik Buterin Is Taking Back His Rs. 747 Crore Crypto Donation From India

Vitalik Buterin is a Russian-Canadian programmer and writer who has been active in the Bitcoin ecosystem since 2011, co-founding Bitcoin magazine and contributing articles to it. He’s well-known for creating Ethereum, a blockchain platform that acts as a global computer for decentralized applications, or DApps.

As per the reports, Vitalik Buterin will get a percentage of the Shiba Inu coins he gave to an Indian COVID-19 relief fund titled India Crypto Relief Fund, popularly known as CryptoRelief, in 2021. Buterin recently announced on Twitter that CryptoRelief is returning $100 million in bitcoin (approximately Rs. 745 crores) from the “Shiba fund”.

Buterin aims to “personally employ these fund(s)” in “higher-risk, higher-reward COVID scientific and humanitarian programs throughout the world.”

He went on to claim that in order to ensure a transparent deployment of the cash, he co-founded a new organization called Balvi, which will manage the process on his behalf.

Sandeep Nailwal, a co-founder of Polygon as well as the creator of CryptoRelief, verified Vitalik’s assertion, indicating that the monies will be released in USDC, a stable coin tied to the US dollar.

According to Sandeep, the decision to return some of the monies to Vitalik was primarily influenced by the necessity to comply with Indian legislation regarding relief fund distribution.

Buterin introduced Balvi in a separate tweet. Buterin believes Balvi is in a better position to make these high-value, global bets that benefit both Indians and non-Indians. The initiatives will encompass vaccine research and development, novel methods to air filtration and ventilation, testing, and more.

Besides, he also claimed, Balvi will use the “SHIB monies” largely for vaccine research and development, sponsoring innovative air filtration initiatives, and testing, among other things.

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