Tuesday, May 21, 2024

    Ukraine’s crypto donations reach the $100m mark

    Since the first attack on 24th February, Ukraine has been receiving digital token donations from all across the world. According to reports by Tradingplatforms.com, crypto donations total to over $100 million, not counting the amount the country raised from its NFT sales.

    “Although it is quite unfortunate that it has to be under these circumstances, it’s amazing that we can now see how crucial digital currencies are. Ukraine can easily receive donations from all around the world and the amount amassed ‌just goes to show how powerful these virtual assets are.” Edith Reads from TradingPlatforms.com gave their opinion on the matter.

    Two days after the first attack, the Ukrainian government posted on Twitter that it was accepting crypto donations and provided two addresses for the funds. Our reports show that the government collected $10.2 million in crypto assets within four days of the announcement.

    Ukraine further passed the Virtual Assets Law about a month later. Thanks to this law, crypto operations by both domestic and foreign exchanges are now legal in Ukraine.

    The move by Ukraine comes at a critical time when many countries are considering their stance on regulating digital assets. On the one hand, there are parties like El Salvador that are intent on creating a crypto hub within their borders. On the other are countries like China, which have long since wiped out crypto trading and mining.

    It remains unclear what effect Ukraine’s moves have on the global crypto market, although there’s no denying that it is a major plus for the crypto global mass adoption movement.

    Ukraine’s crypto donations marred by scams 

    We cannot also ignore the alarming increasing rate of scam projects. Further analysis into the data we collected at TradingPlatforms.com shows that a huge chunk of the donations sent to Ukraine were scam projects.

    The surge in global crypto attention stemming from Ukraine’s recent crypto activity has also attracted a sizable number of malicious developers. Several humanitarian campaigns designed to raise donations for Ukraine turned out to be scams, with the people behind it making away with anything between hundreds and thousands of dollars, before being pulled down.

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