Covid Relief’s crypto donation with an initial valuation of $1 billion realized only $464 million

On February 22, it was reported that Vitalik Buterin, the co-founder of Ethereum, initially estimated that the cryptocurrency donation of India’s Covid Relief, with a value of US $1 billion, had only realized US $464 million, while the cryptocurrency still in the purse of the relief fund was about US $274 million, and about US $40 million of the legal currency was deposited in the account of FV Bank of Puerto Rico, and another US $100 million had been returned to Vitalik Buterin himself, He has created his own charity fund, and another 1.5 million dollars have been transferred to Alameda Research wallet. Up to now, only 58 million dollars have been transferred to charities providing relief work. （dlnews）

Interpretation of this information:

The message reports on Vitalik Buterin’s involvement in India’s Covid Relief efforts. Buterin, the co-founder of Ethereum, initially estimated that the cryptocurrency donation of US $1 billion had only realized US $464 million, with around US $274 million still in the relief fund’s purse, US $40 million deposited in the account of FV Bank of Puerto Rico, and US $100 million returned to himself. He created his own charity fund and transferred US $1.5 million to the Alameda Research wallet. Only US $58 million has been transferred to charities providing relief work.

It is commendable that Buterin has taken an active role in increasing relief efforts during the ongoing pandemic crisis in India. His decision to create his own charity fund and transfer money to Alameda Research wallet show his commitment to the cause. However, it is concerning that out of the US $1 billion donation, only US $58 million has been transferred to charities providing relief work. This raises questions about the efficiency and transparency of the donation process.

One possible explanation for this could be the complex process of converting cryptocurrencies into cash, which might be causing delays. Additionally, since the donation was made in the form of cryptocurrency, it would be more challenging to track the donation and ensure that it reaches the intended organizations.

In conclusion, while Buterin’s efforts in creating his own charity fund and transferring money to Alameda Research wallet are commendable, it is essential to ensure that the rest of the donation reaches charities providing relief work as soon as possible. This would require a more efficient and transparent donation process.