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.
Can't take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India.
Need help from the Global crypto community.
I will take full responsibility for transparency, funds usage and regulatory compliance
If you want to donate.. 1/n
— Sandeep – Polygon (@sandeepnailwal) April 24, 2021
80% of fund already liquidated
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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.