Vitalik Buterin Announces Plans for $100 Million in Shiba Inu Funds


Alex Dovbnya

There is a new development in the Vitalik-Shiba Inu saga

Ethereum’s Vitalik Buterin received $100 million back from his massive Shiba Inu donation to the Crypto Relief fund.

Polygon co-founder Sandeep Nailwal, who created the aid fund in question, explains that Indian laws must be followed that limit the scope of projects to which he can contribute money. At the same time, Buterin, a Canadian citizen, has more leeway when it comes to donations, allowing him to place riskier bets:

Since Vitalik is a non-Indian, this can be done in a more accelerated manner by making faster decision making and committing to higher risk but also high reward projects.

Buterin says he co-founded an organization called “Balvi,” which will spend money on projects focused on vaccine research and development, ventilation, air filtration and other fields.

The $100 million has already been converted into the USD Coin (USDC) stablecoin, meaning that future donations will not put any selling pressure on the SHIB token.

The 27-year-old billionaire, who unwittingly donated half of the Shiba Inu stock by his creator, caused quite a stir in early May after he donated $1 billion to SHIB to the pandemic-focused emergency fund. It is however was difficult to actually cash out the generous donation due to price volatility and compliance issues.

In a podcast with Lex Fridman, Buterin recalled realizing that the dog coins he had were worth billions and decided to do “really good things” with them:

I saw these dog tags and I saw more and more people talking about it, and at some point I realized that these things are worth billions of dollars, and there are a lot of really good things you can do with them.

In the same month, Buterin burned 90% of his remaining Shiba Inu stock, which was worth about $6.7 billion at the time. The Canadian-Russian programmer also asked the project makers not to send him tokens without his permission.



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