Crypto Donations to Ukraine Approached $50M and an NFT Following Government Airdrop Announcement

Jenson Nunez
-
0
Crypto Donations to Ukraine Approached $50M and an NFT Following Government Airdrop Announcement

The Ukrainian government revealed that it would execute an ‘airdrop’ to motivate cryptocurrency aid. It seems that the operation has been prosperous.

Donations in crypto assets to Ukraine have reached new levels after the European country’s government revealed that it would implement an ‘airdrop’ to keep boosting inflows of digital currency funds.

CoinDesk reported that the airdrop will get distributed among donors who have helped by sending funds to official Ukrainian wallet addresses. The official government Twitter account highlighted the initiative on Wednesday, saying it will happen on Thursday, March 3 at 6 pm m. Kyiv time (11 am EST).

Airdrop confirmed that the reward was yet to come. The tweet highlighted that upcoming campaign news would come from Deputy Prime Minister Fedorov Mykhailo via his personal Twitter profile.

The Ukrainian government still hasn’t revealed further details about the protocol. It is important to consider that the term ‘airdrop’ refers to the free distribution of tokens by a crypto project to its users to boost and improve adoption.

The government of El Salvador previously implemented a similar action after passing a bill to accept Bitcoin as legal tender. That airdrop allocated at least USD 30 in Bitcoin to the citizens.  However, as CoinDesk highlighted, Ukraine’s plans would mark the first time a country has airdropped cryptocurrency donations.

Crypto Donations Already Surpassed USD 50 Million

The campaign came to fruition, as donations in Bitcoin and other digital assets skyrocketed after the statement. Cryptocurrency collections by the government and organizations that bring assistance to the Ukrainian armed forces have reached new levels since the Russian attacks started.

Relevant companies from the crypto space have been advocating to help the cause. Binance gave away $10 million, and Polkadot founder Gavin Wood sent $5.8 million worth of DOT after the government enabled a profile to receive that coin. Sam Bankman-Fried and Deepak Thapliyal have also joined the community and donated large sums.

However, the amount reached a new high peak after the airdrop. According to CoinDesk, Ukraine acquired more than 7 million dollars in digital assets after the government’s tweet.

This Wednesday alone, government addresses have acquired almost $1.1 million in Ether and $6 million in DOT and other digital currencies.

a CryptoPunk NFT got also Included

The community quickly responded in its support behind Ukraine as the armed conflict with Russia escalated. But not all have been limited to sending funds in cryptocurrencies known as Bitcoin.

The Ukrainian government does not seem to have received the NFT or whether it intends to sell it on the market to receive the liquidity the nation needs for its military group.

Michael Chobanian has been supporting the Ministry of Digital Transformation to manage the constant donations the nation is receiving and highlighted that at least $14 million of the digital assets received got spent on military aid and supplies for civilians, including food.

By: Jenson Nuñez

Scammers Disguise Themselves as Ukrainians to Conduct Bitcoin Thefts Amid War

Jenson Nunez
-
0
Scammers Disguise Themselves as Ukrainians to Conduct Bitcoin Thefts Amid War

Desperate messages from false Ukrainians invade Twitter and other social networks. Requests for humanitarian aid might circulate unnoticed during chaos in Eastern Europe.

As the combat between Russia and Ukraine rages on and more citizens and soldiers due to the attacks, scammers and other criminals lurk in the social networks looking for an opportunity to get money from the chaos. On social media, scammers are posing as Ukrainians to ask for help from users, mostly in bitcoins.

Cybersecurity firm Avast expressed that it has detected many fake donation posts appearing on various social networks, including Twitter. In some cases, scammers disguise themselves as Ukrainians needing humanitarian help.

The company referred to a Russian forum post asking for a donation valued at $1.2 in bitcoin, but at the time, the average transaction fee on the network surpassed the amount they requested. The attackers do not aim at the donation but capture the unwary to steal their cryptocurrencies.

The cybersecurity firm does reveal how the attackers extract user funds or if any victims have lost their digital assets through this strategy. However, Phishing is the way these criminals execute these attacks.

Clicking on a link with the excellent intention of donating bitcoin to Ukrainians might become a nightmare for any unwary user because the user provides their name and password, thus giving the criminals total power over their violated wallets. These criminals, then, will extract the funds housed in the digital wallet they own.

Protect your Bitcoins

Users cannot trust people’s appearances because they do not show who they are or think. This statement applies to these situations since, in social networks, deceivers use increasingly cunning tactics to take advantage of others and extract their crypto assets.

Fake bitcoin donation requests usually use specific language ranging from heartbreaking to threatening. Among the arguments, users most consider these fragments: “help, I’m stuck here,” or 2I have money, a lot of money” the latter is the case, particularly of someone who asks for help to transfer urgent cash and cannot find how.

Bitcoin and other currencies like Binance Coin, ether, Ethereum’s native cryptocurrency, and tether registered a value of at least $37 million in money from donations worldwide.

Various charity projects founded by blockchain activists have popped up. One of them is Unchain, to which multiple companies like Polygon Solana, among others, belong. According to their official page, they have already gathered at least $1.5 million worth of ether together.

Come Back Alive’s Ukrainian non-governmental organization also focuses on bringing aid to the armed forces and receiving bitcoin donations.

By: Jenson Nuñez

The Value of Filecoin Drops Dramatically, and Nobody Knows Where It Is Heading Next

Alexander Salazar
-
0
The Value of Filecoin Drops Dramatically, and Nobody Knows Where It Is Heading Next

The price of FIL must break through resistance at USD 26 for a reliable bullish signal to occur. FIL lost the bullish parabolic trend after losing support at USD 52, so the ground was clear for USD 20.

The price of Filecoin (FIL) has fallen by up to 95% amid the decline of the entire cryptocurrency market. In addition, there is no clear sign of reversal at the moment.

FIL is trading at around USD 21.03 and has accumulated a 9.6% gain in the last seven days. Its daily trading volume is above USD 398.34 million, and its market capitalization is about USD 3.58 billion. It occupies 40th place in the cryptocurrency ranking, according to CoinGecko.

Investors have remained on the sidelines due to the considerable drop in the price of Filecoin. Minimum rallies have not allowed optimism to take control over the market.

However, a correction of more than 90% also indicates that the space for selling is increasingly small. That has led those trusting that project either in the medium/long term to look for entry points.

Weekly Technical Analysis of the Price of Filecoin

The weekly FIL/USDT chart shows a clear short/medium-term downward trend, which may continue to cause problems.

The price of Filecoin recently found support at the USD 20 level, hampering the previous bearish strength.

There is a rejection above USD 20 again, which seems to be heralding a broader rally. However, that is not the most likely scenario due to the previous clear bearish direction.

In addition, the price must first break through the resistance at USD 26 for the bulls to give a reliable bullish signal. That would leave the ground clear for USD 40.

At this point, there could be further losses for Filecoin. A candlestick closing below the support where the price holds would indicate a search for new lows. An excellent next target for the bears would be USD 15.

Monthly Analysis of the Price of FIL

The monthly Filecoin chart shows a bleak scenario for the price. However, there may be a significant relief rally given the extended downturn.

After losing support at USD 52, FIL lost the bullish parabolic trend that it had carried for several months. For that reason, the ground was clear for USD 20, the support on which the price holds.

Although the trend is clearly bearish, the momentum has extended quite much. The defense of the USD 20 support could herald a significant correction to the upside.

The cryptocurrency must first reach increasingly high lows on the monthly chart for long-term bulls to trust it more.

The decline of the cryptocurrency market due to the conflict between Russia and Ukraine has affected Filecoin. The considerable drop in the value of FIL has led investors that trust the project to seek entry points. Although the rejection above USD 20 indicates a broader rally, the likely scenario is bearish.

By Alexander Salazar

The Vice Prime Minister of Ukraine Requests Cryptocurrency Exchanges to Block Russian Users

Alexander Salazar
-
0
The Vice Prime Minister of Ukraine Requests Cryptocurrency Exchanges to Block Russian Users

DMarket and Kuna announced it would block the accounts of Russian users due to the invasion of Ukraine. Kraken and KuCoin said they would not freeze the accounts of Russian citizens without a legal requirement.

Mykhailo Fedorov, the Vice Prime Minister of Ukraine, recently urged cryptocurrency exchanges to block the addresses of Russian citizens.

The official has sent letters to eight cryptocurrency exchanges, requesting them to stop serving Russian users. He expressed concern that citizens from the Eurasian country were using crypto assets to evade international sanctions.

He stated that he was requesting leading cryptocurrency exchanges to block the addresses of Russian users. He said it was crucial to freeze the accounts linked to Russian and Belarusian politicians and sabotage ordinary users.

Besides, US officials call on cryptocurrency exchanges worldwide to prevent Russian entities from using crypto assets to circumvent sanctions.

The Response from Cryptocurrency Exchanges Due to the Conflict

Startup DMarket announced that it would suspend all relations with Russia and Belarus due to the invasion of Ukraine. They said users from those two countries could not register on the platform and noted they had frozen the accounts of previously registered users.

Fedorov stated that the funds from the frozen accounts could help fund the Ukrainian military force.

Jesse Powell, the CEO of Kraken, told Mykhailo Fedorov that his company could not freeze the accounts of Russian citizens without a legal requirement.

Powell expressed that he understands the reason for the request due to his deep respect for the Ukrainian people. However, he explained that the exchange could not block the accounts of its Russian citizens without a legal obligation. He considers that those users must be aware of the imminence of that requirement.

Other Companies Give their Opinion on Blocking the Accounts of Russians

Michael Chobanian, the founder of the Ukrainian exchange Kuna, announced they had blocked Russian users from the platform.

Johnny Lyu, the CEO of KuCoin, said his company would not freeze the accounts of users from any country without a legal requirement. He stated they are a neutral platform and thinks that would increase tension to impact the rights of innocent people.

Binance has been blocking the accounts of any user subject to the sanctions imposed by the United States and the European Union. However, they pointed out that they are not taking measures against the rest of its users in the Eurasian nation.

The firm announced that they are blocking the accounts of those on the sanctions list. They also are making sure to meet all sanctions in their entirety.

They added that they would not freeze the accounts of millions of innocent Russian users. In that regard, they explained that cryptocurrencies aimed to bring greater financial freedom to people worldwide.

The conflict between Russia and Ukraine has raised concern among people worldwide, who have expressed their reactions to that situation. Although the Ukrainian authorities require cryptocurrency exchanges to block the accounts of Russian users, some think that is not the best decision.

By Alexander Salazar

Russian Citizens Could Be Exchanging Rubles into Bitcoin amid International Sanctions

Alexander Salazar
-
0
Russian Citizens Could Be Exchanging Rubles into Bitcoin amid International Sanctions

Ruble-denominated Bitcoin volumes recently rose to a 9-month high as sanctions on Russia led to moving away from the ruble.

The war attack by Russia against Ukraine has destabilized the Russian financial system. The fiat currency of the Eurasian nation plummeted following the announcement of sanctions by the European Union and the United States.

The exclusion of some Russian banks from the SWIFT International Interbank Communications System has affected them. Besides, the freezing of transactions with the Central Bank of Russia (BCR) has affected the financial system of Moscow.

The president of Russia, Vladimir Putin, commanded the nuclear deterrence force of the country to be on high alert. A report from the Russian Central Bank requested brokers to ban selling securities to non-resident investors.

The Trading Volumes between the Ruble and Bitcoin Increase

The trading volumes between the ruble and Bitcoin have risen to 9-month highs. The fiat currency of Russia plummeted to record lows due to the impact of the invasion of Ukraine.

Data from Kaiko indicates that ruble-denominated Bitcoin volumes increased by almost RUB 1.5 billion RUB.

Clara Medalie, a research analyst from Kaiko, said that the activity primarily concentrated on Binance. She added that the Bitcoin-hryvnia volume also soared but not as high as in October.

The analyst noted similar trends regarding the Tether-ruble and Tether-hryvnia trading volumes.

USDT Hits a New All-Time High against the Fiat Currency of Russia

The stablecoin Tether (USDT) has undergone a rise of more than 30% against the Russian ruble in five days. That shows the negative and immediate impact of the war between Russia and Ukraine on the traditional financial system.

The data from Kaiko also showed that the USDT/RUB trading volume rose to an eight-month high of RUB 1.3 billion.

The West Imposes Measures against Russia Due to the Conflict

The war in Ukraine led to a unanimous response from the West, which imposed harsh economic sanctions against Russia. Of course, that situation is a problem for Russia, its companies, and its citizens.

Besides the problems caused by those economic sanctions, the price of the Russian ruble has dropped. That causes companies in the Eurasian giant to lose about half of their value on international stock exchanges.

The United States and its allies took measures against Russia to prevent their banks from accessing the Society for Worldwide Interbank Financial Telecommunications (SWIFT). Likewise, the European Union banned all transactions with the Central Bank of Russia.

In addition, they will freeze all transactions with assets of the Russian central bank, making it impossible for the institution to liquidate them.

Ukraine to Give Cryptocurrencies to Russian Soldiers Who Surrender

Masha Efrosinina, honorary ambassador of the United Nations Population Fund, said Ukraine would give 5 million RUB worth of cryptocurrencies to Russian soldiers who surrender.

The Ukrainian TV host stated that soldiers who surrender would receive about USD 45,000 worth of cryptocurrencies or fiat money.

By Alexander Salazar

Options for Citizen in the Context of a Global Government Ban on Bitcoin

Alexander Salazar
-
0
Options for Citizen in the Context of a Global Government Ban on Bitcoin

Some experts think that decentralization is crucial if governments plan to ban Bitcoin. The authorities only put regulatory pressure on centralized platforms, which leads many users o avoid them.

Some analysts recently discussed the possibilities of countries banning cryptocurrencies like Bitcoin (BTC) and the options for citizens in that context.

Jameson Lopp, CTO of the firm Casa, pointed out the various bans governments can place. He said that countries could declare some blocking that has no application or is more or less effective.

He talked about the prohibitions aimed at cryptocurrency exchanges and other centralized service providers. He said those decrees could limit their relationship with banks or prevent their legal operation.

Loop mentioned that countries like Turkey and Nigeria had applied those measures somewhat effectively. However, he acknowledged that they do not stop Bitcoin, saying that governments are far from entirely banning it.

Canadian bitcoiner @nvk urged to assess the behavior of financial markets amid a prohibition of this nature. Other experts recalled that those extreme restrictions drive black markets and only prevent trading Bitcoin legally.

Rod Stoner, head of security from Casa, mentioned the level of adoption of Bitcoin and other cryptocurrencies, thus supporting that claim. He said that some countries like El Salvador had adopted it as legal tender while other governments were in the process of doing it.

The Limitations on Bitcoin Mining Do Not Work Either

Loop said that the restrictions on Bitcoin mining limited the hash rate on the network. However, he noted that they had not prevented it from working.

Last year, the Chinese authorities banned all Bitcoin-related activities, but the blockchain kept operating despite the considerable migration of miners. Jameson Loop considers that it proves that governments cannot stop the network, saying that their attempt to do it is unfeasible.

The CTO of Casa added that this financial network continues to operate despite the threats from governments to punish suspected Bitcoin users.

What Would Happen If Governments Banned Bitcoin Trading Globally

The above experts made those statements shortly before the invasion of Ukraine and the consequent economic sanctions on Russia. That situation has led to assume that the Eurasian country will use cryptocurrencies to circumvent those restrictions.

Many fear that the United States and the European powers would attack the cryptocurrency sector with strong bans if Russia evaded the sanctions with Bitcoin.

The governor of the European Central Bank (ECB), Christine Lagarde, had already announced that possibility. She urged legislators to approve a regulatory framework on cryptocurrencies to prevent those evasions.

The analysts said a global increase in strict measures to limit trading cryptocurrencies would fit those scenarios.

Stoner believes he would have GPG (crypto tool) encrypted copies of his private keys and keep them hidden while the legislation operates. He also highlighted the importance of preserving the privacy of personal data.

Countries with Restrictions on Trading Bitcoin Would Resort to Decentralized Tools

If there are strict regulations on trading cryptocurrencies, countries would resort to decentralized platforms like DEX and self-custody wallets, said the analysts.

James Loop highlighted that the government would first pressure centralized exchanges since they can exert most control with the least effort.

Bitcoiners refer to centralized exchanges as chokepoints they should avoid, as the authorities pressure them. In contrast, decentralized tools are beyond the regulatory machine.

By Alexander Salazar

1...881882883...1,654Page 882 of 1,654