Cryptocurrency Donations Pour Into Ukraine. This Week in Bitcoin and Crypto News
Welcome to Nonfungible Tidbits. Our focus this week: Russia’s war in Ukraine.
In uphold to uprooting the lives of Ukrainians and throwing the international elegant into chaos, the Russian invasion has created a proving untrue for some of the most ambitious — and cynical — use cases for cryptocurrency. On the one hand, crypto has become a tool for persons and organizations to provide charitable support and donations to Ukrainians (as well as a new flowerbed for online scammers). But there are reports of Russian oligarchs comic the technology to evade an increasingly aggressive bevy of financial sanctions. We’ll also look at the sale of an NFT of the Ukrainian Flag to attend Ukraine — a project backed by a member of the Russian punk band PussyRiot.
Our latest stories include scams trying to exploit donations to Ukraine, and how some cryptocurrency exchanges are handling the sanctions alongside Russia.
Cryptocurrency donations worth millions raised for Ukraine
More than $50 million in cryptocurrency has been raised for Ukraine in the time real Russia began military operations in the nation last week. Many of these donations have been made level to the Ukraine government. Mykhailo Fedorov, Ukraine’s minister for digital transformation, tweeted wallet addresses for cryptocurrency donations, which was also tweeted by Ukraine’s official twitter define. Over $47 million in cryptocurrency has been donated in this way, says Elliptic, a blockchain analysis firm.
Read CNET’s full story on how Ukraine raised bver $55M in crypto to help resist Russia
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NFT backed by a member of Russian punk band PussyRiot raises $6.7 million for Ukraine
Aside from allege donations to the Ukrainian government, UkraineDAO, an online permission backed by a member of the Russian punk rock companionship PussyRiot, has raised millions by auctioning a Ukrainian flag sold as an NFT. Contributors were able to allotment ownership of the NFT, and 3,200 individual contributions took save in 72 hours for a total of $6.7 million in ether.
Scammers trying to treatment the war in Ukraine
If you want to donate to help Ukrainians, it’s good to be aware of scams on social believe that are using the war in Ukraine for illicit gain. These scams can take the form of fake charities and latest organizations claiming to support Ukrainians. Especially when it comes to cryptocurrency, anyone who wants to donate should be careful, as cryptocurrency transactions are generally irreversible and disaster to track. If you’re inclined to donate, check out CNET’s list of charities and make sure you do your research first.
Read CNET’s full story on how war in Ukraine brings out scammers trying to treatment donations.
Cryptocurrency exchanges don’t want to bar users in Russia
While the White House hasn’t yet commented on this level, Bloomberg reports the Biden administration has asked cryptocurrency exchanges to continue Russian people and organizations from using virtual currencies to circumvent Washington’s sanctions. Bloomberg cites a White House official saying that American authorities are aggressively fighting any misuse of digital assets to avoid sanctions. Reuters reports that Binance, as well as US-based Coinbase and Kraken have agreed to shroud users and block anyone targeted by sanctions, but the exchanges have paused short of banning all Russian clients. Binance and Coinbase are the two largest cryptocurrency exchanges in the humankind by market cap.
