Regulatory cloud over Vitalik Buterin’s $1 bn crypto donation

The Ethereum cofounder’s donation has put the crypto community at the front and center of India’s covid relief efforts. But given the market fluctuations and regulatory uncertainty in India around digital currencies, crypto donations could translate to much less in actual money



Pratik Bhakta

May 13, 2021

3 Min Read

{The Crux brings you crisp and incisive analysis on the developments that matter.}

The News: Vitalik Buterin, the 27-year-old cofounder of Ethereum, has donated more than $1 billion worth of Shiba Inu, a meme coin, to India’s Crypto Covid Relief Fund, causing a flutter in the community and raising questions around whether the price of the asset will hold.

He also contributed 500 Ethereum coins to the fund, according to a Techcrunch report. Ethereum was hovering at Rs 3 lakh ($4,075) per coin on May 13, 2021, making the contribution worth about $2 million. Earlier, on April 25, he contributed $600,000 worth of Ethereum and Maker currencies (100 each) to the fund. 

Prices of both these coins have increased since and combined are worth over $860,000 now.

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