What's on your mind ?

Russian-born Ethereum creator Vitalik Buterin donates $1 BILLION in crypto to pandemic-hit India

In a major philanthropy move, Ethereum co-founder Vitalik Buterin donated $1.5 billion worth of cryptocurrencies to several non-profit organizations. The giveaway includes $1 billion sent to a Covid-19 relief fund in India.

Over the last several weeks, India has seen a dramatic surge in Covid-19 infections, reporting a record number of cases and fatalities.The World Health Organization warned that the Indian strain first detected last year has already spread to dozens of countries.

Also on rt.com
Nagaon District of Assam, India on May 8,2021. © Getty Images / Anuwar Hazarika
India Covid-19 crisis could seriously damage global economy

The Russian-born programmer made the generous donation in the form of several dog-themed meme coins, such as Shiba Inu, Dogelon Mars and Akita Inu.

Buterin’s contribution went to the India Covid Relief Fund, created by Sandeep Nailwal, a fellow crypto entrepreneur and co-founder of the Ethereum scaling platform Polygon.

“We plan to do a thoughtful liquidation to ensure we meet our Covid relief goal,” the fund said on Twitter. “We have decided to convert the donation slowly over a period of time.”

Also on rt.com
Founder of Ethereum Vitalik Buterin in London, England, 2015 © AFP / John Phillips
Ethereum creator Vitalik Buterin becomes world’s youngest crypto billionaire

The move has reportedly caused some cryptos to plunge between 30% and 65%, raising concerns that the amount of actual aid reaching Indian charities could decline as a result.

Buterin, 27, became the world’s youngest crypto billionaire last week, when the price of ether surged to $3,500, pushing the value of his estimated 333,500 ether tokens to over $1.1 billion.

For more stories on economy & finance visit RT's business section

Show Full Content