Ethereum Co-founder Vitalik Buterin Donates $1 Billion in Shiba Inu coin (SHIB) as COVID Aid to India

Ethereum co-founder Vitalik Buterin has donated $1.5 billion in ether and Shiba Inu coin to COVID-19 relief funds in India following a massive outbreak of the virus that has brought the eastern nation to its knees.

Buterin, who recently become the youngest crypto billionaire two weeks ago, donated massive amounts of the meme token Shiba Inu (SHIB) as well as Dogelon (ELON) and Akita Inu (AKITA) to the COVID-19 Crypto Relief Fund, as well as other charities supporting the disaster.

In a single transaction, Buterin donated 50 trillion SHIB tokens at an estimated value of $1.2 billion on May 12 at 4:37 p.m. EST. Earlier in April, Buterin donated around $600,000 in ether to the same fund.

India has recently been overwhelmed by increasing infection rates of COVID-19, with their 7-day average infection rate climbing to 375,179 at the time of writing. Reports from health organizations estimate that India has seen a total of 23.7 million cases and that approximately 258,000 people have died as a direct result of the virus.

The COVID-19 Crypto Relief Fund was created by Indian tech mogul Sandeep Nailwal, known mostly as the co-founder and COO of blockchain protocol Polygon. Nailwal thanked Buterin publicly on Twitter and promised that the SHIB tokens would “not hurt the crypto community”.

Despite this claim, the donation has caused many SHIB investors to panic. Data from Coinbase shows that the price of SHIB fell 36% following the announcement. ELON was also affected by the news, crashing 65%, with AKITA dropping 50% in the same time frame.

Buterin is reported to have received the coins as part of a deal with the creators of SHIB on the condition that he would not sell them. According to Shiba Inu’s website, 50% of the SHIB supply was “burned” to Buterin in an effort to take the currency out of circulation.

Due to the volatility and uncertainty of alt-coins like SHIB, the actual value of the aid donated could be significantly less than the quoted $1.5 billion.


© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.