'The mother of all donations'
Vitalik Buterin has donated over $1 Billion worth of crypto to Indian Covid Relief, in a move being called the ‘mother of all donations', and the largest individual philanthropic effort during covid times, especially for covid relief in India.
Vitalik donated 500 Ether coins and over 50 trillion Shiba Inu coins. Immediately after the donation was announced, there was a wave of panic among investors, and Shiba Inu’s value crashed by almost 30%.
Crypto start-up Polygon founder, Sandeep Nainwal explained how crypto donations are processed. Funds are not brought into India in the form of crypto. The Crypto Relief India, an organization established two weeks ago, converts all crypto donations into fiat currencies, and afterward, distributes them through different foundations.