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Crypto Donations Help Defend Ukraine

By FlagRockandEagle | FlagRockandEagle | 22 Oct 2022


More than $66 million in cryptocurrency donations have been made to the government of Ukraine and organizations supporting the war against Russia's incursion into Ukraine.  This includes over $22 million in BTC, $7.6 Mil in ETH, and just over $3 Mil in USDT tokens and digital assets. In March, Ukraine announced was also receiving donations in Polkadot. The founder of DOT, Gavin Wood lead the way with a pledge of $5.8 Mil in tokens. Uniswap created an interface to simplify giving of the Ethereum based coin to Ukraine which has lead to another $210K worth of DOT being donated.  Binance has pledged to lead a drive to donate another $10 million in tokens to the beleaguered country.

 

According to a blog post from Merkle Science, another $26 mil has been donated to various Non-Governmental Organizations set up to provide humanitarian relief to the people of Ukraine affected by the war.  Over $10 of these donations have gone to the UkraineDAO, with another $8.1 million going to the Come Back Alive Foundation. Binance Charity's Ukraine Emergency Relief Fund has raised $7 of its pledged $10 mil as of March.

It is believed that the sale of some rare and valuable non-fungible tokens created to benefit Ukraine has added another $20 Mil to this total.  The donations include $6.5 million in proceeds from a Ukrainian Flag NFT auctioned off by the Ethereum-based group Ukraine DAO; making it the tenth most expensive NFT ever sold, according to Tom Robinson, chief scientist at blockchain analytics company Elliptic. Another 1.86 Mil has come from the sale of NFT's created by Julian Assange, and the artist Pak. A cyptopunk NFT, #5364, valued at over $200K has also been sent to Ukrainian government's Ethereum address.  

 

Ukraine’s Kuna Exchange founder Michael Chobanian, noted about $14 million worth of the donations had already been used, with a majority of spending happening exclusively in cryptocurrency transactions. Chobanian went on to say that funds have gone to Ukraine's military and special forces to help purchase equipment, food and gas. He also said ether and bitcoin were his “preferred” method for spending, given their ease of convertibility. 

Like any national emergency, or natural disaster, there are those who seek to exploit the generosity of others for personal gain. There have been a rash of fake crypto charities set up to scam people attempting to donate crypto.  Beware of bad actors trying to defraud you of your hard earned crypto. If you wish to donate to aid efforts in Ukraine, ensure your giving is done through a reputable platform like the Ukrainian government's official donation page.  

 

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FlagRockandEagle
FlagRockandEagle

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