Only $20m of the billion dollar Shiba Inu donation made by Ethereum chief Vitalik Buterin to an Indian Covid-19 relief fund two months ago has so far been paid out.
The fund’s founder – Sandeep Nailwal – has said the delays in moving cash to where it was needed were a result of him being cautious and transparent.
The Polygon co-founder has stressed that he intends to hire an auditor to help drive efficiency of the process.
There’s also the matter of the donation’s value, which didn’t stand still. There were 50 trillion Shiba Inu in the donation, worth $1 billion at the time. However, after the initial drop in the price of Ethereum, the total value now stands at approximately $400 million as the tokens are converted into dollars and then rupees. Around 80% have allegedly been converted so far.
Most of the funds have been handed to food distributors nationwide and an organisation which is developing mini-intensive care units meant for Covid-19 patients in rural India. $20 million has been paid out so far, and a further $20 million is still in the pipeline.
Since India reported more than 400,000 Covid-related deaths, Naiwal is afraid that a third wave of infection might add a severe number on top of that toll.
Buterin had also sent 100 ETH and 100 MKR to Naiwal’s fund, valued at $220,000 and $400,000 at the time.
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