A cryptocurrency donation made by Binance and its users in 2018 to a Malta terminal cancer fund, initially valued at $200,000 in BNB, has seen its value skyrocket to approximately $39 million. However, these funds have remained untouched in the designated wallet for years, prompting renewed calls for their utilization.
The situation has drawn attention from figures within the cryptocurrency industry. Conor Grogan, an executive at Coinbase, recently highlighted the dormant funds and urged Maltese citizens to inform their government about the availability of these resources. Grogan noted that the funds could significantly improve Malta's healthcare sector, potentially covering the salaries of much-needed medical specialists. Yi He, Binance co-founder and customer service manager, has also voiced support for putting the funds toward the noble cause.
Blockchain analysts confirm that 30,644 BNB remain in the wallet. The substantial increase in value is attributed to the significant appreciation of BNB since the original donation. The transparency of blockchain technology makes the status of the donation visible to the public, yet the funds remain unused.
Malta faces a shortage of palliative care specialists, with only two currently serving the country, a number far below the 12 that are needed. Utilizing the donation could help bridge this gap by funding the recruitment and training of additional medical staff, thereby enhancing care for terminal cancer patients nationwide.
In 2021, a lawsuit concerning the donation was dropped after the funds were located. Despite the resolution of legal hurdles, the funds have not been accessed or used for their intended purpose. Reports indicate that the Malta Community Chest Foundation (MCCFF), led by Maltese President George Vella, had previously claimed to have not received over $9 million in crypto from Binance, which led to legal action. Binance's lawyers stated that Binance Charity was supposed to direct donations straight to patients, rather than via MCCFF.
The situation highlights both the potential and the challenges associated with cryptocurrency donations. While the increase in value can turn an initial gift into a transformative sum, unclear procedures for access or claims can leave charitable gifts untouched. As cryptocurrency donations become more common, this case underscores the importance of establishing clear guidelines and processes to ensure that funds reach their intended beneficiaries promptly and effectively.
