The founder of the blockchain protocol Polygon, and non-profit foundation Crypto Relief, Sandeep Nailwal announced today that there have been discussions with Vitalik Buterin around the Shiba Inu assets he sent to CryptoRelief.
Sandeep Nailwal said in a tweet that they have decided to transfer $100 M USDC coins back to Buterin. In May 2021, Vitalik Buterin contributed 50 T SHIB tokens, valued at around $1.2 bln at the time to the fund.
CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief's existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. https://t.co/xvHxzwwdn8— vitalik.eth (@VitalikButerin) January 28, 2022
At the time of the launch of the Shiba Inu tokens, the development team sent 50% of the entire supply to Buterin.
In a tweet thread, Nailwal revealed the reasons leading to a decision. He said that since the creation, the fund has been careful in full compliance with Indian jurisdiction, despite being based outside India.
Sandeep noted that not being Indian, Vitalik Buterin can make faster decisions, and deploy projects which have higher risks and rewards.
Vitalik Buterin also shared the news on his Twitter account, saying that he plans to deploy the funds himself with the help of science advisors to aid CryptoRelief's current work with higher risk, higher reward Covid science and relief initiatives globally.