In the wake of Russia’s invasion of Ukraine, humanitarian and military-related groups have received millions of dollars in crypto charitable donations from around the world. This is a huge show of support for Ukraine’s resistance.
Even though most of the donations have come in the form of fiat money, there has been a lot of cryptocurrencies as well.
There are three types of cryptocurrency donations that the Ukrainian government is asking for on its official Twitter account: bitcoin and Ethereum, and the dollar-denominated stablecoin called tether. The donations are being made through Kuna, the exchange in Ukraine that is facilitating them.
That money is being used to help people who have been evacuated and the local military with drones, heat-vision goggles, and gas. Blockchain analytics firm Elliptic says that the Ukrainian government has raised about $14 million in crypto so far, which is a lot.
There is a community-led fundraising effort called UkraineDAO that is doing the same thing. It’s raising money for a Ukrainian non-profit called Come Back Alive, which was kicked off Patreon for breaking the network’s rules. The crowdfunding platform said the group was financing and training military personnel. On the website for Come Back Alive, there are training programs for snipers. The auction for NFTs is still going on, and it has already raised more than $3.5 million in ETH.
Crypto Influencer Group: RELI3F
RELI3F, a new group formed by well-known crypto influencers like Andrew Wang, collected over $1 million in ETH via a rapid collection of NFTs. They were each handed around half of the money that the organization stated it broke up.
Individual investors and powerful people like Sam Bankman-Fried provided tether worth $250,000, while Chain.com CEO Deepak Thapliyal gave 100 ETH worth $277,000. In addition, Bankman-Fried said his company, FTX, was giving $25 to everyone in Ukraine who used his service.
Recently, Murat Pak, an NFT artist, said that politics didn’t interest him, and that none of his moves were political. However, he claims to have given $1.8 million worth of ETH to human rights in Ukraine.
Cryptocurrency is full of shills and people who want to make money. It’s possible that Gavin Wood, the creator of the cryptocurrency polkadot (DOT), said he would give $5 million to the government if they used the token to post an address for the cryptocurrency. In other words, if the government would accept his token, he would give money. A few days ago, Vice talked about a meme that was both tasteless and probably good-hearted. It showed a Bored Ape NFT saying that he was sorry for the people of Ukraine.
Apes aren’t the only thing that needs to be talked about. The question still stands. If you don’t want to give money, there are a lot of other ways to do so. The Ukraine Twitter account announced fiat money transfers, and Come Back Alive allows donations via the SWIFT-linked global financial system.
People Supports Ukraine
As for Ukraine, most people around the world back it. Russian banks and businesses are getting a lot of attention from governments in the West, with some exceptions made for its oil businesses. Banks could close for people who live in Russia and have nothing to do with this war.
As a side note, there is also the problem of middlemen who aren’t very sure about what they want. All it does is put someone else in charge of your money.
UkraineDAO has a weird rule: If you donate 1 percent of the ETH in the pool, you’ll get 1 percent of the $LOVE tokens. If you donate 1 percent of the $LOVE tokens, you’ll get 1 percent of the $LOVE tokens. This is a great homage and memento of your support to an important cause; however, I think the DAO is overreacting a little bit. $LOVE tokens are ERC-20 tokens, which are Ethereum-specific coins.
On Uniswap, they can trade on decentralized exchanges like that if they’re liquid enough. Speculators could one day come in and push up the price of $LOVE, making a new market outside of the DAO’s control.
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