The Indian Foundation To Fight Coronavirus In May This Year Received A Generous Donation Of $ 1 Billion In Shiba Inu (Shib) Tokens From Ethereum Founder Vitalik Buterin. So Far, The Recipient Has Only Managed To Withdraw $ 20 Million From This Amount In Real Money.
Buterin Became The Owner Of Half Of The Existing Shibs By The Decision Of The Project Organizers, Who, Like The Creators Of Several Other Similar Tokens, Transferred Part Of The Emission To His Wallet. At The Same Time, Ethereum Faced Congestion Due To Speculative Activity Around This Category Of Tokens, And Buterin, Using The Assets Donated To Him, Collapsed Their Markets And Sent Out A Number Of Donations.
According To The Co-founder Of The Fund, Sandip Nilewal, In A Conversation With Bloomberg, Buterin’s Donation Raised New Issues For Them, Including The Conversion Of An Illiquid Asset And Compliance With Local Legal Requirements.
After The Market Collapse Caused By Buterin, The Value Of The Received Tokens Was Already Significantly Below $ 1 Billion, And The Final Amount Niallval Estimated At About $ 400 Million. In Addition, In Order To Comply With The Law On Foreign Contributions Of India, The Fund Is Gradually Converting Tokens Into Dollars, And Then Converting Them Into Rupees.
Also, The Founder Is Concerned About The Problem Of Distribution Of Funds. He Has Already Paid Out $ 20 Million And Is Preparing To Distribute The Same Amount, But Wants To Make Sure That The Money Reaches Those To Whom It Is Really Intended. To Ensure Full Transparency, The Fund Intends To Hire A Large Audit Firm.
The Number Of Cases Of Covid-19 In India Is Gradually Declining After A Disastrous Second Wave. However, Niallval Believes That The Time Has Not Yet Come To Relax.
“We are preparing for the third wave,” he said.
