Top Crypto News: Crypto Donations Pour Into Ukraine
NFTs, Bitcoins and More are in the news
The Russian invasion of Ukraine has offered a testing ground for Cryptocurrency. The war has birthed some of the most ambitious, and illicit use cases for bitcoin and other cryptocurrencies. We cannot ignore the invasion. Russia has uprooted the lives of Ukrainians and thrown the world order into upheaval.
On one hand, cryptocurrency has evolved as a mechanism for individuals and organizations to support and donate to Ukrainians in need during the war. On the other hand, crypto is also a new venture for online scammers.
Technology has been a blessing and a curse. There are recent accusations of Russian oligarchs relying on technology to circumvent a growing number of financial penalties. The news brief will take a look at a number of important events including how a member of Russian punk is supporting Ukrainians in the war by selling an NFT of the Ukrainian flag. Other news includes crypto scams in the wake of the war and how exchanges are handling the sanctions against Russia.
Ukraine Receives donations worth millions of dollars in crypto
Since Russia launched an invasion in Ukraine, more than $55 million in crypto has been raised for the country. A sizable portion of these donations has been sent directly to the Ukrainian government. According to Elliptic, a blockchain analysis firm, more than $45 million in cryptocurrency has been donated to the wallet addresses provided by Mykhailo Fedorov, Ukraine’s minister for digital transformation,
Scammers to take advantage of war in Ukraine
In the wake of the war, it is common for people to donate to charity using cryptocurrencies. However, if you wish to help Ukrainians, you should exercise a bit of caution. There are a number of fake charities and organizations purporting to help Ukrainians. Just do a bit of extra research before you donate to any organization.
Cryptocurrency exchanges do not wish to exclude Russian users from using their services.
Although the White House is keeping silent on this, there are rumors that the Biden administration is demanding cryptocurrency exchanges stop Russian individuals from circumventing US sanctions by utilizing cryptos.
According to reports, the White House is pushing any misuse of cryptos to circumvent penalties. Popular and top cryptocurrency exchanges like Binance and Coinbase are screening users and blocking anyone targeted by sanctions. However, the exchanges have stopped short of banning all Russian clients.