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To Support War Efforts Ukraine Sells Donated CryptoPunk NFT for 90 ETH

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The Ukrainian government stated that their Aid for Ukraine crypto fundraising effort sold a donated Cryptopunk NFT and earned over $100,000 to help the country’s anti-Russian military operations.

In March, Cryptopunk #5364 was gifted to a Ukrainian crypto fund. The company sold the NFT to an unidentified bidder for 90 ETH yesterday. NFTs are digital or physical assets that are represented by blockchain-based tokens.

In a tweet yesterday, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, the agency in charge of supervising the country’s crypto fundraising throughout the war, announced the sale.

Crypto was an aid for Ukraine in the most challenging times

In late February, just after Russian soldiers entered the country, Ukraine began receiving crypto and NFT donations. Since then, the country is said to have raised more than $135 million in cryptocurrencies through cryptocurrency donations and the selling of given NFTs.

A crypto organization collected $6.75 million for Ukraine’s military effort in early March by selling a single NFT of the Ukrainian flag. The Ukrainian rap group Kalush Orchestra, this year’s Eurovision victors, auctioned off their trophy to generate over $1 million in ETH for the foundation a few weeks ago.

The cryptocurrency fund assists Ukraine’s military in purchasing non-lethal goods such as protective vests and medical kits. The Ukrainian government does not hold or spend the cash; it just approves and monitors the initiative. The fund’s treasury is run by the Ukrainian crypto exchange Kuna, which is used to assist support volunteer purchases.

Ukraine’s use of cryptocurrency throughout the crisis has acted as a case study for the potential benefits of crypto in geopolitical situations when fiat cash (such as US dollars) is difficult to transfer fast.

Furthermore, the present crypto bear market has completely exposed crypto and NFT contributions. The price of Ethereum has dropped about 70% in the previous ten weeks, severely limiting the fundraising possibilities of NFT collections based on Ethereum, such as Cryptopunks.

The Cryptopunk that was sold yesterday raised a little over $100,000 for Ukraine’s war effort; the same value of ETH would have been worth almost $267,000 on the day the NFT was given in March.

Binance extends help to displaced Ukrainians with its new “Refugees Crypto Card”

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The world’s largest crypto exchange, Binance has unveiled its Refugee Crypto Card as part of humanitarian efforts for war-hit Ukrainians who have been displaced. The move is intended to enable crypto payments at designated retailers in the nations falling under the European Economic Area [EEA].

As stated in the blog, the newly launched card was created by teaming up with fintech firm Contis and would cover all current and new users from Ukraine.

Through its initiative, the charity wing of Binance is working with a host of non-profit organizations like Rotary and Palianytsia to provide crypto-based cash assistance through the Refugee Crypto Card that will facilitate relatives or acquaintances to support their loved ones.

According to the blog, verified asylum seekers who have applied for the Binance Refugee Crypto Cards will receive US$75 per month for three months as recommended donation levels by UNHCR, the UN Refugee Agency.

Also, the USD cryptocurrency will be converted to local tender automatically during the card payment. 

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“Getting and using a card is free. To obtain a Binance Refugee Crypto Card, refugees will need to use an existing account registered in Ukraine or register a new account using a Ukrainian home address, even if currently living in another EEA country. All users will be required to complete full KYC verification,” the blog read.

Binance’s program- An example of crypto’s good use

Helen Hai, Head of Binance Charity said that the latest measure demonstrates that blockchain can work towards solving real-world problems and can be an effective tool in bridging the gap between the facilitator and the receiver.

Ms. Hai also added that it will continue to develop initiatives, and partnerships to help the Ukrainian people and aid those suffering from conflicts around the world.

Previously as reported by TronWeekly, Binance pledged $10 million to support displaced children and families in Ukraine and its neighboring countries. This includes providing shelter, food, safe drinking water, medical supplies, cash assistance, and psychological counseling to those affected.

Besides that, it created a cryptocurrency crowdfunding site “Emergency Assistance Fund for Ukraine” so that people from all over the world could donate cryptocurrency to support the nation. So far, the crypto provider has raised about $1million.

Crypto for good: Ukrainian Min says “Thank You for supporting”

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Cryptocurrency has become a much sought-after vehicle to assist war-hit Ukraine. Amidst the mindless devastation, the only silver lining has been the global response toward Ukrainians. So far the nation had received more than $100 million in cryptocurrency donations.

On 17th April, Mykhailo Fedorov, vice prime minister and minister of digital transformation of Ukraine, expressed his gratitude to those donating to the charity Aid for Ukraine, tweeting:

“Crypto for good. Aid for Ukraine continues its work for the frontline heroes: 200 sets of ballistic plates of 4 class for bulletproof vests have been sent. The better-equipped soldiers — the sooner day of Ukrainian victory.”

Just a few days after the Russian invasion started, the Ukrainian government hastily authorized Aid for Ukraine, a decentralized autonomous organization [DAO] partnering with blockchain firm Everstake and crypto trading platform FTX, to collect digital assets for the defense effort.

As per sources, Fedorov asked his deputy to set up official government wallets that could accept payments in digital assets, a plan that eventually led to the Aid for Ukraine website, which now accepts donations in nine cryptocurrencies including bitcoin, ether, tether, Solana, and dogecoin.

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Financial Times revealed that the Ukrainian government had spent half of more than $100 million in crypto fundraising as of March 19, to buy thousands of bulletproof vests, food rations, helmets, and medical supplies intentionally choosing to spend the funds on non-lethal equipment, to avoid losing future donors.

Crypto donations continue to pour

Earlier TronWeekly reported on UNHCR, the UN Agency for Refugees, on accepting its first stablecoin crypto donation of $2.5 million contributed by Binance toward supporting individuals displaced from Ukraine due to the Russian invasion.

More than 10 million Ukrainians have been forced to flee from their home country since the war began. Roughly 4 million of them have managed to make it safely to neighboring countries like Poland, Moldova, Romania, and Hungary, while millions more have been pushed out of their homes but remain inside the war-torn nation.

Alex Bornyakov, deputy minister of Digital Transformation of Ukraine recently updated that the government has spent about $41 million on items such as bulletproof vests, helmets, and medical supplies to date.

UN Body For Refugees Welcomes Its First Crypto Donation Of $2.5M

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UNHCR, the UN Agency for Refugees, has accepted its first stablecoin crypto donation of $2.5 million from the digital asset trading platform Binance which would be directed toward supporting individuals displaced from Ukraine due to the Russian invasion.

According to the blog published on the UNHCR website, the donation is intended to provide humanitarian, legal, and social assistance including psychosocial support and emergency shelter to people in need.

It is to be noted that over 10 million Ukrainians have been forced to flee from their home country since the war began. Around 4 million of them have managed to make it safely to neighboring countries like Poland, Moldova, Romania, and Hungary, while millions more have been pushed out of their homes but remain inside the war-torn nation. 

Anne-Marie Grey, Executive Director and CEO of USA for UNHCR spoke on the occasion,

Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action. This generous support will make a life-changing difference for refugees, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.

Crypto Donations to Ukraine have reached $60 Million which have been utilized by the Ukrainian government to fund everything from body armor to medical supplies. The nation sold around $770,000 of what it refers to as museum NFTs, which debuted last week that showed scenes from the war.

Alex Bornyakov, deputy minister of Digital Transformation of Ukraine said, the Ukrainian government has spent about $41 million on items such as bulletproof vests, helmets, and medical supplies to date.

Refugees set to receive more support

Meanwhile, another pledged donation will be used to help refugees. Within a few weeks, about 66,000 Ukrainians will be receiving digital wallets with $300 of crypto, thanks to a $20 million donation gathered by the Stellar Development Foundation, Bornyakov said.

Coming back to Binance’s latest relief support, its charity wing has also launched a crowd-funding platform, which has raised approximately $900K USD from the crypto community. This fund will also be allocated to humanitarian efforts.

The BUSD donation has demonstrated the vital role of cryptocurrency in securing emergency funds and providing humanitarian aid for the crisis in Ukraine.

NFT ‘Museum of War’ opens in Ukraine

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On Friday, Ukraine began auctioning off a collection of non-fungible tokens (NFTs) as part of a cryptocurrency fundraising campaign that has so far raised more than $65 million for its war effort, according to Kyiv.

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As one might expect, the “museum” is a website rather than a physical structure. Its collection, which was created with the ministry’s help, documents recent events in the Russian-Ukraine conflict, including personal perspectives from Ukrainian and international digital artists.

Each day in the fight is commemorated by a succession of digital pictures, which include silhouettes of jets, screengrabs of news stories, and a cartoon-style representation of an explosion. Three days after Russia launched its assault, Ukraine’s Ministry of Digital Transformation began seeking for donations in digital currencies such as bitcoin and ether, which Moscow refers to as a “special military operation.”

According to a message on the collection’s website,

“The new NFT series was meant to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine,”

Non-fungible tokens are a sort of cryptocurrency that gained a lot of traction last year. They employ bitcoin’s technology to track who owns a digital file, such as an image, video, or piece of writing.

Ukraine’s NFTs cost around $475

Ukraine’s deputy minister of digital transformation, Alex Bornyakov, said that bulletproof vests, helmets, meals, and medicines have all been purchased for Ukraine’s troops with crypto donations thus far.

NFTs are typically purchased with cryptocurrencies like Ethereum (ETH). Ukraine’s NFTs will cost 0.15 ether, or just over $475, at first. According to the website, the funds will be sent directly to Kyiv’s digital crypto wallets. However, many onlookers were perplexed by the rapid increase in NFT sales, wondering why so much money being spent on products that don’t exist.

Nonetheless, in recent months, they have become a popular fundraising tool, with groups of people combining their crypto assets to buy NFTs to promote awareness for a specific cause.

Portugal Emerges As A Top Crypto Hub For Ukrainians

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Portugal, like its neighbors, has opened its doors to thousands of fleeing Ukrainians, particularly attracting crypto workers. This is due to the fact that the nation has been able to position itself as a tech hub. One of the primary advantages is its zero-percent taxes on digital-currency gains. This combined with the affordable living costs and temperate climate makes it one of the most preferred destinations for crypto-adherents.

Besides that, the country is already home to an established community of Ukrainians. In the past three weeks, the nation received more than 13,000 Ukrainian refugees after the government undertook measures to speed up and simplify the entry process of those fleeing the war. As per sources, Ukrainian nationals in Portugal have climbed to about 40,000 from about 27,200.

Valentin Sotov, a software developer who is working on a crypto-based metaverse game called Amber has fled from his native Ukraine’s city of Mukachevo to Lisbon. Despite the grim situation back at home, he sees the move to the south European nation as “a big opportunity for our product because we can work with a lot of IT people in one place.”

Portugal – land of crypto unicorns

Portugal has a thriving business community as many foreign entrepreneurs have succeeded in establishing a handful of unicorn startups, worth more than $1 billion. One such example is Anchorage Digital, a U.S.-based digital asset bank with offices in northern Portugal, is the latest of these unicorns and was co-founded by Diogo Monica, a Portuguese national. There has been a steady flow of people across nations not just limited to Ukrainians.

The one who is bearing the brunt of the brain drain is neighboring Spain, which shares a similar climate. Crypto enthusiasts from Spain began crossing the border into Portugal after their government made it mandatory for its citizens to declare their crypto holdings in an effort to combat tax fraud. 

Maria Extremadouro, a lawyer in the Spanish city of Vigo, who specializes in blockchain and crypto legislation lamented, “Two out of every three people who come to consult me leave. There’s lots of talent leaving for Portugal.”

ICP Founder Plans a $250M Fund to Help Ukraine Stop the War

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Dominic Williams, the creator of Internet Computer (ICP) and DFINITY, has a $250 million plan and a new concept to stop the Ukraine war. He’s added smart contracts and cryptocurrency awards to the mix to encourage Russians to pressure their government to end the conflict.

He went on to say that the majority of Russian residents are oblivious of the situation in Ukraine and that they need to become more aware of what is going on there.

Dominic’s strategy

Dominic believes that US sanctions alone will not be sufficient to persuade Russia to end its invasion of Ukraine. The media in the nation is likewise censored, and as a result, the population is only fed propaganda.

As a result, ICP creator aims to leverage smart contracts and blockchain to make Russian residents consume more helpful news about the issue. Virtual reality parties will be held where people may gather to watch the news.

People may use a video to authenticate their attendance at such a gathering, and they will be recognized by a smart contract, which will prevent them from claiming incentives more than once.

The smart contract will create a new cryptocurrency account for everyone, which they will be able to access afterward.

They will also get incentives into their accounts which will be roughly worth $50 per person considering the total funding of $250 million. This implies Dominic expects approximately 5 million people to watch the video.

“The live-streamed video will reveal the truth about the conflict in Ukraine and urge Russians to put pressure on their government to end the fighting.” It should be up to competent filmmakers to figure out how to produce such a video. “A non-watermarked version of the video should be made accessible for download so that the receiver can show it to others,” ICP’s William stated.

The plan is contingent on several factors, the most essential of which being that the internet remains operational without intervention from the Russian government to carry out such a massive undertaking.

According to Twitter responses, officials in Moscow are considering unplugging the nation from the internet.

Ukraine President Zelenskyy Signed a Bill Legalizing Crypto

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On February 16, Ukraine’s president, Volodymyr Zelenskyy, signed a bill establishing a crypto framework. The bill on “Virtual Assets” passed by Ukraine’s Verkhovna Rada would create a legal foundation for cryptocurrency in the nation.

The National Securities and Stock Market Commission will be in charge of all market laws and oversight.

What implications does the law have for Ukraine’s crypto community?

The new law will bring the crypto market out of the shadows and create a legal framework to function within. Organizations and cryptocurrency exchanges operating in the nation would have to register with the government to operate lawfully.

The law will establish the legal status, categorization, and ownership of virtual assets. The National Bank of Ukraine and the National Commission on Securities and Stock Market will be the market regulators.

It will also keep track of and oversee the list of entities that operate in the crypto industry and their registration and monitoring mechanisms.

The president’s signature on the bill marks a significant step forward in mainstreaming cryptocurrency.

The Ukrainian National Securities and Stock Market Commission has been given the power to decide on the country’s digital asset policy, issue licenses to crypto firms, and function as a financial watchdog.

Cryptocurrency was critical to Ukraine’s stability

Crypto kept the country strong through the difficult times when banks and financial institutions were shut down. Millions of dollars in cryptocurrency donations poured in, helping mitigate the negative consequences of Putin’s decision.

The crypto community never lost upon Ukraine, despite the fact that many nations did not step up to offer their support.

The overall value of tracked crypto contributions is $108 million, with various organizations contributing their support and funds. The cash raised will be used to assist the country in reclaiming what it lost during the conflict.

Various firms, including BAYC, Kraken, and Binance, donated to the country. With the new regulation in place, Ukraine’s first crypto exchange, Kuna, will no longer be confined to assisting the government in spending donations directly with crypto-friendly vendors but will also be able to convert bitcoin to much-needed currency.

Meanwhile, the country has teamed up with FTX, a Bahamas-based exchange, to convert crypto donations to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine.

Kraken Will Giveaway $1,000 in BTC to Its Ukrainian Users

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Kraken is putting together a massive assistance package to help victims of Russia’s ongoing invasion of Ukraine, with over $10 million going straight to those who have been harmed.

Clients who opened an account with Kraken before March 9, 2022, will be entitled to receive $1,000 in bitcoin, which may be withdrawn instantly from the exchange, starting tomorrow and lasting until July 1. It will also waive off currency conversion expenses of up to $1,000.

Kraken to aid the affected

“We expect to continue to be able to provide crucial financial services in a time of need to both our Ukrainian and Russian consumers,” stated Kraken CEO Jesse Powell. “At a time when many people throughout the world can no longer rely on traditional banks and custodians, cryptocurrency remains a crucial humanitarian instrument.”

Kraken will additionally contribute to the aid package an amount equal to the total trading fees paid by Russia-based clients in the first half of 2022. Further, as the crisis progresses, it may announce more help.

Kraken’s announcement represents the company’s first-ever foreign aid disbursement.

It also highlights the ongoing efforts to connect its company with the cryptocurrency community’s ideals, including the community’s firm view that all global citizens should have access to financial services.

Kraken continues to react to inquiries from governments in affected areas, and its 600-person compliance team is constantly monitoring the situation to ensure it complies with relevant sanctions laws.

It feels that this assistance program benefits both the organization and its clients, guaranteeing that no one gets disenfranchised due to the conduct of their elected officials.

This announcement comes after Binance, the world’s largest cryptocurrency exchange, pledged on February 27 to donate at least $10 million to major intergovernmental and nonprofit organizations already on the ground, including UNICEF, UNHCR, and the UN Refugee Agency, through its dedicated charity arm.

A sponsored crowdfunding drive has raised an extra $11 million. Each Ukrainian customer received $25 from FTX, a rival located in the Bahamas. CEO Sam Bankman-Fried, the industry’s second-richest man with a wealth of more than $20 billion, announced personal cooperation with the Ukrainian Ministry of Finance to generate crypto contributions.

Trezor Wallet Halted Shipments to Russia Following Sanctions

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Satoshi Labs, the company behind the famous hardware wallet Trezor, has announced that it would no longer ship its products to Russia and Ukraine.

Following Russia’s invasion of Ukraine, more crypto-related firms are boarding the sanctions train that is making its way across the world. This time, it’s a big name in the hardware wallet industry.

Trezor.io made an announcement through its website,

“Shipments to Ukraine and Russia have been temporarily halted due to the present circumstances in these countries, which is beyond our control.” We are currently uncertain when we are allowed to begin exporting to Russia and Ukraine. However, we hope that the situation will improve fast.”

Impact of Russia’s decision on both countries

According to NBC News, this occurred “immediately” after the sanctions were released.

Satoshi Labs is situated in the Czech Republic, which was formerly occupied by the Soviet Union when it was still a part of Czechoslovakia. Furthermore, according to the newspaper, many firm workers have “connections to the war that make it personal,” according to Satoshi Labs spokesperson Kristna Mazánkov.

“Bitcoin is very apolitical,” she said. “I would like to imagine that bitcoin is a solution for different situations and that it will stay that way,” Mazánkov was quoted as saying.

“It’s dreadful to see these deeds of violence and ruthless military assault,” Trezor wrote on the same day Russia started its attack on Ukraine. “We Support Ukraine.”

Satoshi Labs made a donation of EUR 1 million (USD 1.09 million) in bitcoin (BTC) to two charities four days later, on February 28.

At the time of writing, there appears to be no equivalent statement from Trezor’s main competitor, Ledger.

According to its website, the Ledger wallet cannot be transported to seven countries/regions owing to local constraints, including Belarus and the Crimean Peninsula, which Russia invaded and annexed in 2014. This list does not include Russia.

Russia’s measures have been fast in response to its aggressive operations against Ukraine. PayPal, Mastercard, and Visa have all halted operations in the nation, and even Switzerland, which is known for its neutrality, has frozen the crypto assets of prominent Russians.