With the recent happenings around Ukraine, some distinct events have ensued as well as other actions which have been sent out in response to these events by the Ukrainian government. Firstly, owing to the siege of the country, crypto donations have been raised by the Ukrainian government alone since the Russian invasion which has topped up to US$38.8 million as funds flowing into alternative channels bring total contributions to at least US$60 million. With the continuous booming support, Aid for Ukraine, a decentralized autonomous organization set up by the Ukrainian government, local Web 3.0 firm Everstake and the Solana Foundation, received over US$1.4 million with an approximate of over US$14 million of the funds being used for aid.
Another Deployed Act by Ukraine
To get the much-needed support, The Ukrainian government initiated its means to start receiving Bitcoin, Ether, and USDT. However, support from the crypto community is continuing to diversify donation channels to different blockchains and their applications such as DAOs and non-fungible tokens (NFTs). The second big wave for the Ukrainian Government after the advent of the massive donations was its promise to issue airdrops which was later called off as announced by it’s Vice Prime Minister, Mykhailo Federov.
The Attempted Invade on Ukraine
Amidst the few reasons why this action was taken would include the fact that scammers appear to have used the airdrop announcement to draw funds through a fake crypto token called Peaceful World as the fundraising is an attempt to issue a fake token designed to look official. News sites reported that this token was official and it gathered significant trading volume on decentralized exchanges. Yet there were multiple red flags that showed it was likely fake, including the way the token was made to look like it was issued from Ukraine’s public Ethereum address when it was instead issued by a third party. The airdrop announcement nonetheless caused a spike in legitimate donations even as many criticized the move, saying donors should not be repaid and all efforts should be focused on Ukraine’s defense and civil efforts.
Ukraine to Launch NFT
Stepping further, the Government has made a big leap as it sets out to change the narrative which surrounds it’s economy at the time being. The Ukrainian government has announced that it will launch a non-fungible token (NFT) collection that will be “like a museum of the Russian-Ukrainian war,”. This report came in handy from the Guardian. According to the plans made, each NFT will feature digital art depicting a news story from trusted sources.
These NFT museum developments come as over US$100 million in crypto donations have been transferred to the Ukrainian government’s wallets since the Kremlin’s invasion. To wrap it all up, according to Bornyakov, the crypto donations have been used to purchase bulletproof vests, packed lunches, medicines, and other military supplies except for weapons.