How Ukraine Lost All Crypto Donations On FTX
Ukraine has lost all of the cryptocurrency donations that were given to Ukraine to fund the war. This happened due to the insolvency of the cryptocurrency exchange FTX. Here’s what you need to know:
After the Russia-Ukraine war started, Ukraine partnered with cryptocurrency exchange FTX to help it receive donations in crypto. This was a much-needed source of war-funding for Ukraine, as it had lost access to traditional financial markets.
FTX helped Ukraine to quickly and easily receive donations from individuals and businesses all over the world. The country’s collective efforts had already raised over $52 million in Bitcoin, Polkadot, Tether, Ethereum and other cryptocurrencies, according to the government’s website.
With cryptocurrency exchange FTX this week announcing insolvency, all of Ukraine’s donated funds are gone. Analysts estimate that Ukraine lost more than $100 million with FTX’s bankruptcy.
Currently, many are discussing why Ukraine has stored all those donations on a centralized exchange like FTX, since this is the riskiest way to store cryptos in a downturn market.
🤑Join our Telegram channel to interact with like-minded people
🐦Also check out our Twitter Account for shorter analysis
💰Feel free to Follow Us for more such analyses
👋Business Requests: Telegram: Contact @cryptohubtiktok
