The Ethereum community has come forward to support relief efforts, with Ethereum co-founder Vitalik Buterin leading the charge with his generous donations for Turkey and Syria.
A 7.8 magnitude earthquake struck Turkey and Syria on February 6th, leaving behind a death toll that has now risen to 33,000, making it one of the world’s worst earthquakes in decades.
Ethereum Community Pledges Millions in Crypto Donations
According to blockchain security firm PeckShield, Vitalik has been actively donating Ethereum to support the relief efforts, with his latest donation of 50 ETH, equivalent to approximately $77,000, sent to Anka Relief on February 12th.
Anka thanked the Ethereum co-founder for his generosity and stated that crypto donations had been steadily flowing since the first day of the disaster. In total, Vitalik has donated 99 ETH worth around $150,000 to Ahbap, a non-governmental and non-profit organization dedicated to providing relief to those affected by the earthquake.
The crypto industry has been quick to respond, with blockchain records showing that wallet addresses shared by Ahbap have received over $3 million in crypto donations.
According to Chainalysis, a blockchain analytics firm, more than $5 million in crypto donations have been sent to Turkey and Syria. Binance, a major crypto company, has pledged $5 million, while other firms have pledged over $10 million in total, FT reported.
It’s not the first time that crypto has been used for disaster relief efforts. After the massive earthquake in Nepal in 2015, Bitcoin donations were sent to various relief organizations. The use of crypto for disaster relief has become increasingly popular as it offers a fast and secure way to donate money to those in need.
Turkey’s economic struggles, even before the earthquake, make it a prime candidate for embracing crypto. With soaring prices and declining interest rates, crypto assets such as Ethereum are seen as a store of wealth and a hedge against inflation. The crypto industry has demonstrated its willingness to help those in need and has shown that it can make a real impact in times of crisis.
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