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. Pediatric and general Ventilators, Oxygen Concentrators and more found their way to Amritsar and Haryana at an Institute of Medical Research and Sciences
