In mid-May, Ethereum co-founder Vitalik Buterin donated $1 billion worth of shiba inu (SHIB) tokens to the Crypto Covid Relief Fund (CCRF) in India. Nearly three months later, the CCRF organizers stated that they had encountered problems in cashing out SHIB tokens, and so far, they have only paid 20 million U.S. dollars.
Cashing out SHIB tokens is not easy
About two months ago, Vitalik Buterin decided to donate $1 billion worth of shiba inu (SHIB) tokens to India’s cryptocurrency Covid Relief Fund (CCRF). After the donation, CCRF thanked Buterin for donating 50,693,552,078,053 SHIB. “We plan to conduct a deliberate liquidation to ensure that we achieve our COVID relief goals,” CCRF Say On Twitter at the time. The non-profit organization added:
We decided to slowly switch donations over a period of time.
A report recently released by Bloomberg revealed that it is difficult for the organizers behind CCRF to cash in SHIB tokens. The founder of CCRF, Sandeep Nail ArtAlso co-founder of Polygon (formerly Matic), explained this week that there was some delay. Nailwal and CCRF had to deal with countless issues, including regulatory policies originating from India and the market decline of SHIB.
SHIB lost 83% in 90 days and the efforts of the cryptocurrency Covid Relief Fund continue
When Buterin donated funds, SHIB was slightly lower than when it hit an all-time high of $0.00003791 per unit (ATH) 90 days ago. Today, SHIB is 83% lower than the ATH of encrypted assets. Nailwal explained in an interview that the current hiding value is approximately US$400 million. So far, Nailwal said the non-profit organization has been able to cash out about $20 million. Nevertheless, despite a three-month decline, SHIB has risen by 11,215,808.0% in the past eight months.
At the same time, the CCRF organization continues to demonstrate its effort Through Twitter, provide rations and food packages and other actions.It also has Cooperation With other organizations, such as the Janman People’s Foundation. Hana Chahiye Team On July 21, CCRF expressed its gratitude when donating food to poor families.
“Thanks to Crypto Relief for providing motivation to fight hunger in the Mumbai metropolitan area by providing grocery packages to 10,000 families in need,” said the Khaanachahiye team. “We are grateful. Thank you,” added the group that has provided more than 6 million meals.
What do you think about the difficulty of cashing out the shiba inu (SHIB) token donated by Vitalik Buterin? Please tell us your thoughts on this topic in the comments section below.
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