Ethereum’s Co-Founder Vitalik Buterin Donates Over $1 Billion To India Covid Relief Fund And Other Charities

Ethereum co-founder Vitalik Buterin, who became the world’s youngest known crypto billionaire less than two weeks ago, has donated more than billion 1 billion in crypto to India’s Covid Relief Fund and a number of other charities.

He made the donation by downloading massive amounts of dog-themed meme tokens, which was given away by the creators of Shiba Inu coin (SHIB), Dogelon (ELON) and Akita inu (AKITA). These cryptocurrencies have taken off following Dogecoin’s staggering rebound in recent months. Although built around similar memes, these imitators have much larger token supplies.

In a single transaction, Buterin donated 50 billion SHIB tokens worth $1.2 billion as of May 12, 16: 37 pm E. T. to India’s Covid Relief Fund established by Indian tech entrepreneur Sandeep Nailwal. Nailwal is best known as the co-founder and COO of Polygon, a protocol that aggregates scalable solutions on Ethereum in a multi-chain system. In early April, Buterin donated around 600,000 tokens in ether and maker (MKR) tokens to the fund.

Nailwal immediately turned to Twitter to thank Buterin and assure Shib investors that the funds will be spent responsibly. “We will not do anything that harms any community, especially the retail community involved with SHIB,” Nailwal wrote.

In addition, the Ethereum figurehead sent about $441 million (as we go to press) from AKITA to Gitcoin, an open-source rewards platform on Ethereum, according to records from blockchain data provider Etherscan.

Other notable donations, amounting to millions of dollars (and also made in ether), include gifts to GiveWell, a nonprofit charity evaluator, the Methuselah Foundation, which focuses on extending human life, and the Artificial Intelligence Research Institute, which focuses on developing safe artificial intelligence (AI) technologies.

Apparently, the tokens were given to Buterin under the premise that he would not sell them. Anonymous Shiba token developers have sent 50% of the Shib token supply to Vitalik Buterin’s wallet over the past year. The coin’s website claims that 50% of the total supply “was burned to Vitalik Buterin,” meaning that the tokens have been permanently removed from circulation, or at least that’s what the developers presumably imagined. Some market followers speculated that Buterin could “plug” Shib holders, simply speaking, sell the coins, turning what appears to be a marketing gimmick against creators and holders. And in fact, Buterin’s movements have significantly impacted token prices. According to Coinbase, Shiba Inu has fallen 36%, Dogelon Mars has fallen 65% and Akita Inu has fallen more than 50% in the last twenty-four hours at press time.

Importantly, this could mean that the actual aid received by charities may end up being much less than the intended amounts.

Buterin still has more than 1 billion in ether, although he had transferred virtually all of his possessions to a different address just before making the donations.

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