Ukraine calls for Bitcoin, Ether and Tether donations

On its Twitter account, Ukraine has just launched a call for donations in cryptocurrencies. Bitcoin, Ethereum and Tether are affected.

Cryptocurrencies have a role to play in the war in Ukraine and the Ukrainians have decided to use them. As it faces the Russian invasion, the country launched a call for cryptocurrency donations on Saturday. “Support the Ukrainian people. We are now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT », can we read on the official Twitter account of Ukraine. The message is accompanied by several addresses to receive donations in Bitcoin (BTC), Ethereum (ETH) or stablecoin Tether (USDT). These donations could be used to help the country fight against attacks from Vladimir Putin’s Russia.

Following this announcement, messages of caution quickly appeared. Vitalik Buterin, co-founder of Ethereum, warned by explaining that it was necessary “Exercise extreme vigilance” ; fearing a possible hacking of this official account. However, the Deputy Prime Minister of Ukraine, Mykhailo Fedorov, also published this message appealing for donations; as well as’a tweet to the attention of the crypto community. A link to an official Telegram channel has also been posted.

Tomicah Tillemann, specialist in the subject and former adviser to Joe Biden, Hillary Clinton and John Kerry, wanted to to confirm the authenticity of these addresses. An answer that convinced the co-founder of Ethereum; even if Vitalik Buterin remember – rightly so – that one should always be cautious when faced with a request for donations in cryptocurrencies. Indeed, some transactions may turn out to be irreversible. Moreover, he had already condemned the Russian attack by declaring that he was “very angry at Putin’s decision to start a war”, in a previous tweet. He adds : “Reminder: Ethereum is neutral, but I am not”.

Addresses posted by these accounts received more than six hundred donations, totaling more than $731,000 in less than 24 hours. Furthermore, Victor Zhora, one of the main Ukrainian cyber defense officials, confirmed to Bloomberg it wasn’t a hack.

Cryptocurrencies and social networks invite themselves into the conflict

For its part, the Ukrainian government adds that this war “also takes place on social networks”. Ukraine’s official announcement comes after Ukrainian charities and NGOs have already received several million dollars in Bitcoin. These donations are intended to help the Ukrainian army. A few days ago, the official account representing the country on Twitter also appealed to help its army. An unusual initiative, but not unusual.

“The National Bank of Ukraine has decided to open a special fundraising account to support the Armed Forces of Ukraine”can we read on the country’s website. “The central bank’s decision comes after the Ukrainian government imposed martial law across Ukraine in response to Russia’s armed aggression”, adds the site of the National Bank of Ukraine (NBU). A measure confirmed by its governor, Kyrylo Shevchenko.

At the forefront of this war, the crypto market has plummeted in recent days and several billion dollars in capitalization have gone up in smoke. Symbol of these difficulties, the main crypto-currency that is Bitcoin does not impose itself as a safe haven. Nevertheless, cryptos have other advantages and are proving to be alternative financing tools.

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