Are crypto founders abusing/using Ukraine for their own gain?
More than $50m worth of crypto donations have poured into Ukraine.
You probably heard about the Ukraine war and how the Ukraine Government is officially using crypto wallets to receive donations from all over the world.
I stand by my word and say this is probably one of the best use cases for cryptocurrencies in modern times.
A rough analysis on the blockchain data shows:
- 42.2% of funds received were in Bitcoin.
- 38.3% of donations were in Ether.
- 19.4% was made up of other tokens and stablecoins.
All these were done in a week and were not done via hundreds of bankers, lawyers, middlemen and there is minimal transaction fees spent.
Check out the following:
Gavin Wood (DOT founder) donated $5.8m in DOT.
Sunny Lu (VeChain) promised to donate $8m in the native token VET if Ukraine agreed to accept the funds.
Justin Sun (TRON founder), also jumped in and pledged $1 million “if you [Ukraine’s official Twitter account] posted a TRX address.”
I do want to point out the OnlyFans also donated 500 ETH, around $1.5m to the cause.
Erm… thanks?
Some people are hating on it.
Why should the founders of their respective tokens blatantly promote their token and take advantage of the crisis?
Haters are saying the founders are abusing the situation in Ukraine and concealing a kind act of donation as a marketing promotional.
So it really begs the question: are crypto founders abusing/using Ukraine for their own gain?
Well, I would like to point out that it is a natural and obvious thing to do in a situation like that.
The founders have most of their wealth locked up in their own tokens and you can easily sell the tokens to get the cash.
So what if they get a little more publicity, they donated millions of their own money.
I think that earns them a little publicity.
YouTubers and social media influencers in Web3 all accept donations this way.
Pretty soon there will ways to swap from 1 token to another simply and with minimal slippage.
Someone even donated the popular NFT CryptoPunk 5364, with an estimated value of 72 ETH (~$196k)!
I think we have to contextualise things a little.
Remember, its a donation.
A goodwill act of kindness and charity.
So long as it makes sense and doesn’t cause harm or damage, smile and be grateful!
So, have you donated to Ukraine?
-
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #ukraine #russia #war #cybersecurity #cyberwarfare #hackers #ukraineDAO #polkadot #eth #bitcoin #cryptocurrency #putin #donations #charity
