Vitalik Buterin will not get a tax write-off for donating 50 million SHIBA INU (SHIB) tokens to the India Covid Crypto Relief Fund, Bloomberg reported Tuesday.
What Happened: The Ethereum (ETH) co-founder made the disclosure in an interview where he said that he is taxed as a citizen of Singapore, a country with rules “significantly cleaner than in the U.S. or Canada,” as per Bloomberg.
Buterin said he’s not eligible for a tax write-off in the same interview.
ETH traded 8.32% lower at $3,106.34 at press time on a 24-hour basis. The cryptocurrency has fallen 28.41% on a seven-day trailing basis.
SHIB — a self-described “Dogecoin (DOGE) killer” — traded 13.93% lower at $ 0.00001412 on a 24-hour basis and fell 48.97% in a seven-day window.
See Also: How to Buy Shiba Inu (SHIB)
The meme cryptocurrency has fallen 2.05% and 5.01% against Bitcoin (BTC) and ETH on a 24-hour basis. BTC traded 9.13% lower at $40,709.84 at press time.
Why It Matters: Buterin said he was not sure why various meme projects issued coins to him. He said, “Realistically, if these coin projects wanted to avoid a person who would sell a large supply, they should’ve just not issued these coins,” reported Bloomberg.
On Sunday, Buterin said he burned 410 trillion SHIB valued at the time at $6.74 billion. He said that the remainder of the tokens would be given to charity.
A week prior to the burn, he had donated 50 trillion SHIB to the Indian charity.
Photo by TechCrunch on Flickr