Ethereum Co- Founder Vitalik Buterin Gets $100 Million Donated Back From India. Vitalik Buterin, the founder of Ethereum is getting a portion of the cryptocurrency that he has donated for the India Crypto Relief Fund. Buterin released the news through his Twitter account by stating that the Cyrptorelief is sending back roughly $100 million from the donation he made to the Crypto Relief Fund.
In the year 2021, Buterin donated about $1 billion to an Indian Covid relief fund named called India Crypto Relief Fund, also known as CryptoRelief.
Ethereum Co-Founder Gets $100 Million Who Donated Back From India Who Donates 100 Million On Shiba Inu India Crypto Relief Fund
Out of the $1 billion that Buterin has donated to the relief fund, about $20 million has been paid out for various needs. The news of Buterin getting a portion of his donation back was tweeted by Buterin on January 28, 2022.
Who Is Vitalik Buterin
Vitalik Buterin is the co-founder of one of the biggest cryptocurrencies in the world, Ethereum, and is the world’s youngest crypto billionaire.
Vitalik Buterin is a Russian-Canadian programmer who started being a part of cryptocurrencies in early 2011 by co-founding the Bitcoin Magazine. Vitalik Buterin launched Etherum in the year 2014 along with his companions Gavin wood, Anthony Di Lorio, Joseph Lubin, and Charles Hoskinson.
Vitalik Buterin made his donation to India in the year 2021 when the covid wave affected the country severely. On May 13, Buterin made a donation of roughly $1 billion (INR 7,324 crore) to the India Crypto Relief Fund that was set up by the Indian cryptocurrency entrepreneur, Sandeep Nailwal.
Apart from the India Crypto Relief Fund, Buterin also made his donation to many non-profitable organizations of India. As mentioned in Cryptomojo, He donated about $1.5 million to many Indian charity organizations, some of them were his own cryptocurrency, Ether.
Vitalik Buterin is known for his donation to various relief funding programs worldwide and he also donated to tech-related organizations like GiveWell and Machine Research Intelligence Institute.
Why Is The $100 Million Vitalik Buterin Has Donated To The Cryptorelief Fund Of India Is Returned?
Followed by the Twitter of Vitalik Buterin, Sandeep Nailwal, the person who set up the India Crypto Relief Fund confirmed the statement of Buterin by tweeting. “ CryptoRelief Update: Have been in discussions with Vitalik Buterin on how to accelerate relief efforts in India. And we have come up with a solution.
We will moving $100M back to Vitalik, a non-Indian, to do fast deployment in high-risk/reward projects”. Sandeep Nailwal through his Twitter stated that the fund will be released in USDC, which is a pegged cryptocurrency to the US Dollar.
According to Nailwal, the decision to return a portion of Buterin’s cryptocurrency donation was to avoid any conflict with Indian laws. He stated “Considering fund’s foreign origin and laws of India, Crypto Relief followed a systematic, controlled, and robust approach in disbursing fund 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”.
Sandeep Nailwal also stated that Vitalik Buterin being a non-Indian has helped him to speed the process of fund transfer and also is in a better position to make decisions and deploy funds to projects that have higher risk but higher rewards too.
The news of the cryptocurrency being donated back was released a few days before the 2022 India’s budget will be released. It is expected that the new budget plan of India might have major policies changes related to cryptocurrency. This can also affect the further donation of cryptocurrencies to the relief funds of the country.
Vitalik Buterin Takes On Returning The Donation
On his Twitter where Buterin announced the news of the India Crypto Relief Fund giving back his donation, he also added, “ I plan to deploy these funds with the help of science advisors to complement CyptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide”.
Vitalik Buterin also said, “ I’ve co-founded a new org (Balvi) to direct these funds, which is a better position to make these bets which will are very-high-value and global in nature and bring great benefits to Indians and Non-Indians”. In his tweet, he also added that his Balvi project will include vaccine R&D, innovative approaches to air filtration, ventilation, testing, and much more.
