Updated Wednesday with Community Chest Fund statement that it does not share patient information.
A cryptocurrency foundation holding around €7 million worth of donation pledges for cancer patients has said it is waiting for information from the Malta Community Chest Fund to be able to distribute the funds.
The donations have been in limbo since December 2018, following a dispute between Binance’s charity foundation and the Community Chest Fund about how the money should be distributed.
A spokesperson for Binance said the foundation is waiting for the Community Chest Fund to verify patient information along with their medical bills and crypto wallet address.
This was being done so the foundation could verify the donated crypto assets can reach the beneficiaries directly, the spokesperson said.
This was why the Community Chest Fund had not received the pledged money yet, the foundation’s spokesperson said.
The cryptocurrency assets have been “safely and transparently” stored on a publicly accessible cryptocurrency address, the spokesperson continued.
The value of the donations has shot up from €168,000 ($200,000) to €7.5 million in under three years.
“We are happy that the appreciated crypto asset now is able to help more people. This dedicated fund will always belong to the citizens of Malta,” the spokesperson said.
The Community Chest Fund and the Binance foundation are locked in a legal battle over the donation pledges.
According to court documents, the Fund claims that numerous attempts have been made to facilitate the transfer of funds from the Binance foundation to “suffering individuals that are in dire need of assistance”, but they have proven futile.
The Community Chest Fund is accusing the foundation of attempting to unilaterally terminate the donation agreement.
It had also filed an injunction to prevent Binance from liquidating its foundation and relocating its assets to the US.
“This means the voluntary organisation is trying not only to renege on the agreement and escape its obligations, but it is also trying to relocate its assets outside of Malta, to the US, where the Maltese courts have no jurisdiction,” the Chest Fund claims in court documents.
No sharing of patient information
In a statement issued on Wednesday, the Malta Community Chest Fund Foundation also denied that patient data or information was ever to be transferred to any third party including the Blockchain Charity Foundation.
"All patient information is treated as strictly confidential and in accordance with the law. The Malta Community Chest Fund Foundation further reiterates its steadfast respect towards the protection of all patient information and their private details," the MCCF said.