MCS | Ukraine, Cryptocurrency Donation Window for Peace

MCS | Ukraine, Cryptocurrency Donation Window for Peace

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Source: Reuter

On February 24, 2022, Russian President Vladimir Putin declared an order to initiate a special military operation, and the Russian invasion of Ukraine began. Russia started the war unilaterally, and most eyes were in favor of Ukraine.

To empower Ukraine, famous YouTubers and stars donate one by one, leading to a cryptocurrency donation trend. The Ukrainian government spends about $15 million on defense and medical supplies. According to Deputy Minister Alex Bornakov, there are cases in which some munitions are received directly in cryptocurrency rather than in dollars.

Of the $100 million in donations, more than $60 million was confirmed to have been converted into cash at the Ukrainian cryptocurrency exchange Kuna, where the transaction volume has more than tripled compared to before the war. The average trading volume before the war was around $1.5 million, but now it's over $5 million.

Source: Aid for Ukraine (https://donate.thedigital.gov.ua/)

On March 14, 2022, the official cryptocurrency donation site for the Ukrainian government was opened.

With the help of cryptocurrency exchanges FTX and Kuna and a staking platform Everstake, a donation website ‘Aid for Ukraine’ was created. The donation target is $200 million, and the platform currently supports cryptocurrencies such as BTC, ETH, USDT (TRC20), DOT, SOL, DOGE, XMR, ICX, and NEO.

However, there were people who sought to satisfy their self-interest during this movement.

Originally, the Ukrainian government planned a cryptocurrency airdrop to encourage donations.

Then, on March 3, when the airdrop was scheduled, Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Innovation of Ukraine, announced the cancellation through Twitter. This comes after it became known that a third party attempted to defraud the Ukrainian government with fake airdrops.

A third-party account impersonating the Ukrainian government created a cryptocurrency named ‘WORLD (PeacefulWorld)’ about 6 hours earlier than the scheduled time, and 7 billion of them were used for spoofing.

※ Spoofing: An act of manipulating the price of stocks and other financial markets by deceiving other investors as if there is a large supply and demand by piling up false items on the asking window.

The Ukrainian government has said it plans to encourage donations to NFTs instead of withdrawing from the airdrop plan, but details of the plans have not yet been released.

Despite this unfortunate event, the never-ending stream of cryptocurrency donation for Ukraine should be remembered that cryptocurrencies can be used to support the “true value”.

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