Binance’s 2018 $200K BNB Donation for Malta Cancer Patients Now Worth $39 Million and Still Unclaimed

BNB Donation to Malta Cancer Fund Hits $39 Million Yet Remains Untouched

A donation of $200,000 in BNB, originally pledged by Binance and crypto users in 2018 to Malta’s terminal cancer fund, has now ballooned to an estimated $39 million but remains unclaimed.

The contribution, intended to support palliative care, has been dormant despite confirmation that the funds are accessible.

Coinbase executive Conor Grogan highlighted the scale of the opportunity, noting the proceeds could “support the full salaries of the gap in needed specialists.”

Why Has a $39 Million Fund Remained Idle for Seven Years

The Binance Blockchain Charity Foundation (BCF) launched the initiative in partnership with Malta’s Community Chest Fund (MCCF) during the country’s “Blockchain Island” campaign, aiming to demonstrate crypto’s potential for social impact.

The campaign collected around 30,644 BNB, along with smaller cryptocurrency donations, promising aid to roughly 15,000 cancer patients.

At the time, BNB traded below $7 per token; today, the same tokens are worth tens of millions.

Legal disputes shadowed the fund for years.

In November 2020, the MCCF sued Binance, claiming the foundation attempted to unilaterally terminate the donation agreement while relocating assets to the U.S.

The Maltese watchdog raised compliance concerns after Binance failed to file annual returns for 2018–2020, but the accounts were located shortly after, leading to the withdrawal of legal action.

By 2021, the lawsuit was dropped, confirming that the donation was accessible—but it has never been distributed.

Additional Unclaimed Crypto Raises Questions of Oversight

Grogan also revealed another dormant wallet containing $38 million in West Japan disaster relief funds.

Originally $1.4 million donated in 2018, around half was withdrawn over time, while the remainder appreciated over 50-fold.

He expressed hope that “some good can come of this” discovery, highlighting the untapped potential of crypto donations for public benefit.

BNB Market Performance Brings Renewed Attention

The surge in BNB’s market value has intensified scrutiny of the idle fund.

On 13 October, BNB reached a record high of $1,375, overtaking XRP to become the third-largest cryptocurrency by market capitalisation.

The dramatic increase amplifies public interest in why a donation meant to aid terminally ill patients has been left unused for over seven years.

Medical Needs Remain Critical in Malta

Malta faces a severe shortage of palliative care specialists, with just two serving the country compared to the 12 needed.

Grogan suggests converting the dormant BNB into fiat could fund medical salaries, directly improving care for terminal cancer patients.

Yi He, Binance co-founder, has supported this proposition, indicating the funds could fulfil the charity’s original purpose.

Charity Efforts Continue Amid Dormant Funds

Despite the dormant Malta fund, Binance Charity under CEO Richard Teng remains active globally.

Recent initiatives include donations for earthquake relief in Myanmar and Thailand worth over $1.5 million in BNB, and $1.2 million in BNB for flood victims in southern Taiwan.

CZ’s charitable platform, Giggle Academy, raised more than $11 million in BNB within 20 days, reflecting sustained crypto philanthropy beyond unresolved past donations.

Malta Faces Regulatory Scrutiny as EU Debates Oversight

Malta has resisted EU proposals to grant ESMA direct oversight of major crypto firms, arguing centralised control adds unnecessary bureaucracy.

France and other member states raised concerns about inconsistent licensing rules, while ESMA noted the Malta Financial Services Authority “partially met expectations” under the MiCA regulatory framework.

This regulatory context may partly explain the delay in using crypto donations for local causes.

The Dormant Fortune Raises Questions About Ethics and Governance

Coinlive observes that a $200,000 crypto donation, now worth $39 million, left idle in a transparent blockchain wallet, presents a stark contrast between potential impact and inaction.

The case raises questions about governance, administrative hurdles, and accountability in crypto philanthropy.

While the market has transformed modest contributions into life-changing sums, procedural barriers and unclear oversight have kept funds from fulfilling their original mission.

This highlights a broader challenge: as crypto donations proliferate, ensuring timely and effective deployment remains critical to prevent missed opportunities for meaningful social impact.