Up until now, around $20 million has been paid out from about $1 billion in cryptocurrencies sent to an Indian Covid relief fund two months after Ethereum co-founder Vitalik Buterin’s contribution, according to Indian news outlet The Economic Times.
Cashing out an illiquid asset, dealing with government rules, and transferring the money to the correct areas isn’t straightforward, according to Sandeep Nailwal, a New Delhi-based entrepreneur who formed the India Covid Crypto Relief Fund, which received the contribution.
Buterin’s donation of 50 trillion Shiba Inu coins, or 5% of all the memecoin in circulation, triggered a 50% price drop at the time. In an interview, Nailwal anticipated that the tokens would eventually be worth $400 million.
