Deputy Minister of Digital Transformation of Ukraine, Oleksandr (Alex) Bornyakov, has denied claims that money sent in support of his war-torn nation has been funded in FTX, one of the largest crypto exchanges which are currently in bankruptcy proceedings.
The rumors circulated on social media last week with some commenters linking the apparent investment in FTX to donations made by the disturbed coin trading platform to the Democratic Party in the United States.
Since the start of the Russian military invasion in late February, the Ukrainian government and volunteer institutions have depended heavily on foreign support to fund their defense and humanitarian actions. Millions of dollars have been boosted through cryptocurrency donations.
A reliable portal, Aid For Ukraine, was launched in March to gather digital funds. As per its website and Twitter account, more than $60 million, a figure revealed in May, in different digital currencies have been accepted, including over 600 BTC, 10,000 ETH, and 15 million USDT. The present balance of the BTC address provided by the endeavor is a little over 0.08 BTC.
The foundation had 3 main crypto partners: staking service provider Everstake, FTX, and the Ukrainian cryptocurrency exchange Kuna. FTX was used to convert the donated digital assets into fiat currency, Bornyakov clarified in a tweet posted on Monday.
In July, Aid For Ukraine’s latest report on how the money is being expended, published in July, shows that a large portion of the raised cryptocurrency was utilized to acquire military equipment.
Studies led by blockchain analytics firms Chainalysis and TRM Labs showed that pro-Russia groups have been also bearing donations through crypto exchanges and managed to raise millions of dollars in digital coins operated to help the Russian side in the military battle.
Regardless of the speculation, the behavior of SBF is indicating that he is not worried at all. The pattern is quite similar to that of Do Kwon who is running around free even after Interpol’s Red Notice and people like Martin Shkreli who speak of prison time as nothing raise some serious concern over other projects.
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFTs
