Binance and its users donated $200,000 in cryptocurrency to a charity serving late-stage cancer patients in Malta in 2018, which is now worth approximately $37 million but has yet to be utilized.
In a post on the X platform on Monday, Conor Grogan, the product business operations manager at the cryptocurrency exchange Coinbase, highlighted the astonishing value of this unclaimed donation. He pointed out that these funds were donated as part of Binance's charitable program in 2018 and have remained idle in the receiving wallet since then.
"Please inform your government that these funds are available," Grogan urged in his post.
The 30,644 BNB were worth about $200,000 in 2018. At current market prices, the same amount of tokens is valued at nearly $37 million.
"Due to the significant appreciation in the price of these crypto assets, these funds are now able to help more people in need," Binance stated in an official announcement in 2021.
The relationship between the two organizations has not been smooth. In 2021, the Malta Community Foundation (MCCF) threatened to sue Binance for allegedly failing to submit financial accounts and ignoring annual reminders to submit accounts for 2018, 2019, and 2020. However, just a few days later, the accounts were "found," and the legal threat was subsequently withdrawn.
"These documents were actually submitted in September 2020 and were found in an electronic folder. We sincerely apologize for any inconvenience caused," a spokesperson for MCCF told the Malta Times.
Reportedly, since 2021, Binance has been waiting for the Malta Community Foundation (MCCF) to verify patient information, including their medical bills and cryptocurrency wallet addresses. Meanwhile, MCCF has refused to share the patient information required for the exchange to proceed with the transfer, leading to a stalemate, according to the Malta Times.
In a 2021 announcement, Binance stated that it was discussing potential solutions with MCCF. Binance emphasized that directly transferring the donation to the ultimate beneficiaries is a non-negotiable principle, aimed at "applying the highest level of transparency and efficiency."
At that time, Binance stated, "We believe the two parties are close to reaching an agreement, and we are waiting for MCCF's response to our proposal," but no further updates have been released since then.
As of the time of publication, neither Binance nor MCCF has responded to Cointelegraph's request for comment.
Related: Binance launches $400 million plan to assist traders affected by Friday's market downturn
Original article: “Binance's $200,000 donation for cancer patients in Malta now worth $37 million”
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