HomeCoinsEthereum (ETH)Relief Fund Has a Difficult Time Cashing Out the $1B Worth of...

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

- Advertisement -


In mid-May, the co-founder of Ethereum, Vitalik Buterin, donated $1 billion worth of shiba inu (SHIB) tokens to India’s Crypto Covid Relief Fund (CCRF). Close to three months later, the CCRF organizers say they have been having issues cashing out the SHIB tokens and so far, only $20 million has been paid out.

It’s Not Easy Cashing Out SHIB Tokens

Roughly two months ago, Vitalik Buterin decided to donate $1 billion worth of shiba inu (SHIB) tokens to India’s Crypto Covid Relief Fund (CCRF). Following the donation, CCRF thanked Buterin for his donation of 50,693,552,078,053 SHIB. “We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals,” CCRF said on Twitter at the time. The nonprofit organization added:

We have decided to convert the donation slowly over a period of time.

A recent report published by Bloomberg shows that the organizers behind CCRF are having a hard time cashing the SHIB tokens out. CCRF’s founder, Sandeep Nailwal, who is also the co-founder of Polygon (formerly known as Matic), explained this week that there have been some delays. Nailwal and CCRF have had to deal with a myriad of issues including regulatory policies stemming from India and SHIB’s market decline.

SHIB Loses 83% in 90 Days, Crypto Covid Relief Fund Efforts Continue

When Buterin donated the funds, SHIB was a touch lower than it was 90 days ago when it hit an all-time high (ATH) of $0.00003791 per unit. Today, SHIB is 83% down from the crypto asset’s ATH 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 cash out around $20 million. Still, despite the three-month drawdown, SHIB is up a whopping 11,215,808.0% over the last eight months.

Meanwhile, the CCRF organization continues to show its efforts via Twitter, with actions like delivering rations and food kits. It has also collaborated with other organizations like 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 powering our fight against hunger in the Mumbai Metropolitan Region by supporting 10,000 needy families with grocery kits,” Team Khaanachahiye said. “We are grateful. Thank You,” the group that has delivered over six million meals added.

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

Tags in this story
$1B donation, 400 million, 50 trillion SHIB, Crypto Covid Relief Fund, crypto tokens, Cryptocurrency, 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 endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,541FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 57,077.00
ethereum
Ethereum (ETH) $ 4,730.12
tether
Tether (USDT) $ 0.999108
bitcoin-cash
Bitcoin Cash (BCH) $ 572.14
litecoin
Litecoin (LTC) $ 210.50
eos
EOS (EOS) $ 4.03
okb
OKB (OKB) $ 25.59
tezos
Tezos (XTZ) $ 5.36
leo-token
LEO Token (LEO) $ 3.52
cardano
Cardano (ADA) $ 1.57
monero
Monero (XMR) $ 240.63
stellar
Stellar (XLM) $ 0.344806
chainlink
Chainlink (LINK) $ 25.91
huobi-token
Huobi Token (HT) $ 9.72
tron
TRON (TRX) $ 0.097831
usd-coin
USD Coin (USDC) $ 0.999693
dash
Dash (DASH) $ 180.73
neo
NEO (NEO) $ 37.87
iota
IOTA (MIOTA) $ 1.43
nem
NEM (XEM) $ 0.175288
zcash
Zcash (ZEC) $ 222.76
maker
Maker (MKR) $ 3,077.88
paxos-standard
Pax Dollar (USDP) $ 0.994776
ethereum-classic
Ethereum Classic (ETC) $ 48.90
vechain
VeChain (VET) $ 0.121249
true-usd
TrueUSD (TUSD) $ 0.998479
ftx-token
FTX Token (FTT) $ 50.91
kucoin-shares
KuCoin Token (KCS) $ 27.35
waves
Waves (WAVES) $ 21.99