Relief Fund Has a Difficult Time Cashing Out the $1B Worth of SHIB Vitalik Buterin Donated – Bitcoin News

0
16

In mid-May, Ethereum co-founder Vitalik Buterin donated $ 1 billion worth of shiba inu tokens (SHIB) to the India Crypto Coverage Aid Fund (CCRF). About three months later, CCRF organizers say they have trouble spending the SHIB tokens and so far only $ 20 million has been paid.

It’s Not Easy to Collect SHEN Tokens

About two months ago, Vitalik Buterin decided to donate $ 1 billion worth of shiba inu tokens (SHIB) to India Crypt Covid Relief Fund (CCRF). After the donation, CCRF thanked Buterin for his donation of 50,693,552,078,053 SHIB. “We plan to conduct a thoughtful liquidation to ensure that we meet our COVID support objectives,” CCRF said at the time on Twitter. The nonprofit added:

We decided to convert the gift slowly for a while.

Recent report published by Bloomberg shows that the organizers behind CCRF are having a hard time collecting the SHIB tokens. Founder of CCRF, Sandeep Nailwal, who is also a co-founder of Polygon (formerly known as Matic), explained this week that some delays have occurred. Nailwal and CCRF had to deal with a myriad of issues including regulatory policies originating in India and the market decline of SHIB.

SHIB Loses 83% in 90 Days, Continues from Cryptic Coping Help

When Buterin donated the funds, SHIB was lower than 90 days ago, when it reached an all-time high (ATH) of $ 0.00003791 per unit. Today, SHIB is down 83% from ATH of the crypto asset and Nailwal explained in his interview that the current stash is worth around $ 400 million. So far Nailwal says the nonprofit has been able to raise about $ 20 million. However, despite the three-month decline, SHIB has grown tremendously 11,215,808.0% over the last eight months.

Meanwhile, the CCRF organization continues to show its efforts via Twitter, with actions such as delivering portions and food. It also has collaborated with other organizations such as the Janman People’s Foundation. Team Khaanachahiye thanked CCRF on July 21, when the organization helped needy families with food donations.

“Thank you Crypto Relief for starting our fight against hunger in the Mumbai Metropolitan Region by supporting 10,000 needy families with food kits,” said Team Khaanachahiye. “Thank you. Thank you, ”added the group, which delivered more than six million meals.

What do you think about how difficult it is to collect the shiba inu tokens (SHIB) donated by Vitalik Buterin? Let us know what you think about this topic, in the comments section below.

Tags in this story

$ 1B donation, 400 million, 50 billion SHIB, Crypto Covid Relief Fund, crypto tokens, Crypto currency, donations, Food, Food Kits, India, Janman People’s Foundation, matic, Meals, Mumbai, Polygon, Sandeep Nailwal, shib, SHIB-Token, shiba inu, Team Khaanachahiye, Vitalik Buterin

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or support of any products, services or companies. Bitcoin.com does not give advice on investment, tax, law or accounting. Neither the company nor the author is liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or dependence of any content, goods or services mentioned in this article.



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here