{"id":611272,"date":"2023-02-24T03:52:25","date_gmt":"2023-02-24T09:52:25","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/24\/journalist-unravels-wild-tale-of-vitalik-buterins-1-billion-crypto-donation-to-indian-covid-relief-fund\/"},"modified":"2023-02-24T03:52:25","modified_gmt":"2023-02-24T09:52:25","slug":"journalist-unravels-wild-tale-of-vitalik-buterins-1-billion-crypto-donation-to-indian-covid-relief-fund","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/24\/journalist-unravels-wild-tale-of-vitalik-buterins-1-billion-crypto-donation-to-indian-covid-relief-fund\/","title":{"rendered":"Journalist Unravels Wild Tale of Vitalik Buterin’s $1 Billion Crypto Donation to Indian Covid Relief Fund"},"content":{"rendered":"
\n
Pixabay \/ i1019<\/figcaption><\/figure>\n

Back in 2021, amid the best of the bull run and the worst of the Covid-19 Pandemic, Vitalik Buterin made a now legendary donation of $1bn in SHIB to support Covid-19 efforts in India.<\/p>\n

Now almost two years later, an investigation <\/a>by top crypto journalist Isabel Hunter<\/a> (DL News) has revealed that only as little as 5% of the original donation<\/a> made it to Covid relief efforts in India.<\/p>\n

The Ethereum-founder donated $1bn in SHIB tokens to an Indian Covid Relief Fund (called Crypto Relief) which was setup by Polygon founder Sandeep Nailwal<\/a>.<\/p>\n

Nailwal established the fund when Covid-19 saw a huge breakout in the world’s largest democracy, with up to 3m reported new daily cases.<\/p>\n

<\/oembed><\/figure>\n

Buterin Donation Broke SHIB Liquidity<\/strong><\/h2>\n

Of the original $1bn donated – Vitalik sent 500 ETH and over 1 Trillion Shiba Inu (SHIB) tokens.<\/p>\n

However, while Crypto Relief quickly moved to cash in on the jaw-dropping donation – the sheer size of the stack pushed SHIB to the limits of its liquidity.<\/p>\n

In an OTC deal with WishfulCynic and WinterMute, Crypto Relief were able to trade the near billion dollar stack of SHIB for just $500m in stablecoins (predominantly USDC).<\/p>\n

This raises huge questions about the practical liquidity behind insane multi-billion market caps – with such low liquidity levels a worrying sign for the industry.<\/p>\n

<\/oembed><\/figure>\n

How was the $500m USDC spent?<\/strong><\/h2>\n

Of the $500m received in stablecoins, $274m remains in the Crypto Relief wallet.<\/p>\n

The Crypto Relief<\/a> fund returned $100m to Vitalik’s Balvi Fund – which was established shortly after to fund bold projects offering innovative responses to the pandemic.<\/p>\n

$100m was seemingly off-ramped between April 2021 and April 2022 – and surprisingly disgraced Alameda Research handled up to $1.5m of these funds.<\/p>\n

From this cash-out, only $58m reached registered non-profits and NGOs in India – with 57 of the 60 projects declared by Crypto Relief funds confirming their receipt of the donation share.<\/p>\n

Yet, a bank statement shared recently by Nailwal showed that $40m of this funding remains sat in a bank account in Puerto Rico (with US licensed FV Bank).\u00a0<\/p>\n

Overall, this means that only 5.8% of Vitalik’s original $1bn SHIB donation was ever received in India.<\/p>\n

And two years later, upwards of $314m (31%) of the donation remains sat in crypto wallets and bank accounts controlled by Nailwal.<\/p>\n

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Read More<\/a>
\n Laine Pepper<\/p>\n","protected":false},"excerpt":{"rendered":"

Pixabay \/ i1019Back in 2021, amid the best of the bull run and the worst of the Covid-19 Pandemic, Vitalik Buterin made a now legendary donation of $1bn in SHIB to support Covid-19 efforts in India.Now almost two years later, an investigation by top crypto journalist Isabel Hunter (DL News) has revealed that only as<\/p>\n","protected":false},"author":1,"featured_media":611273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25473,119517],"tags":[],"class_list":{"0":"post-611272","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-journalist","8":"category-unravels"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=611272"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/611273"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=611272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=611272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=611272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}