Ethereum creator Vitalik Buterin donates $1.5 billion in cryptocurrency to India COVID Relief Fund & other charities

Vitalik Buterin, the creator of Ethereum, has donated about $1.5 billion in Ether and Dogecoin knockoffs to the India COVID Relief Fund and a range of other charities (image Source: Twitter)

In one of the largest-ever individual philanthropy efforts, Vitalik Buterin, the creator of Ethereum, has donated about $1.5 billion in Ether and Dogecoin knockoffs to the India COVID Relief Fund and a range of other charities.

Buterin, who recently became the world’s youngest cryptocurrency billionaire at the age of 27, donated 500 ETH and over 50 trillion SHIB (Shiba Inu), a meme coin, worth around $1.14 billion at the time of the transaction, to India's COVID-Crypto Relief Fund, set up by Indian tech entrepreneur Sandeep Nailwal.

Following the transaction, Nailwal took to Twitter to thank Buterin and assure SHIB investors the funds will be spent responsibly. “We will not do anything which hurts any community specially the retail community involved with SHIB,” wrote Nailwal.

Thanks @VitalikButerin

One thing we have learnt from Ethereum and @VitalikButerin is importance of community We will not do anything which hurts any community specially the retail community involved with $SHIB We will act responsibly! Plz dont worry $SHIB holders. https://t.co/M4GxTR0JAn — Sandeep - Polygon(prev Matic Network) (@sandeepnailwal) May 12, 2021

Buterin also donated other 'meme coins' such as Dogelon (ELON) and Akita Inu (AKITA) that were gifted to him by their creators. He donated Ethereum and ELON worth $336 million to Methuselah Foundation, which focuses on extending the human lifespan; and about 13,000 ETH to Givewell, a nonprofit charity evaluator. Other notable donations were made to Gitcoin Community ($441 million of AKITA), MIRI and Charter Cities Institute.

The rise in popularity of Dogecoin has led to the creation of a bunch of 'meme coins' which have managed to rake in billions (USD) worth of investment in a matter of months. However, following the transaction, SHIB dropped over 35 percent, Dogelon Mars was down 65 percent and Akita Inu fell more than 50 percent in the past 24 hours.