Following the Russian incursion last week, Ukraine’s government hastily canceled its scheduled crypto airdrop, instead opting to sell NFTs to raise funds.
“We decided to stop airdrop after thorough thought,” Ukraine’s minister for digital transformation, Mykhailo Fedorov, wrote on his verified Twitter account today. “Instead, we will soon unveil NFTs to assist the Ukrainian Armed Forces.” We have no intention of issuing any fungible tokens.”
Ukraine receives a deluge of crypto contributions
This is the most recent in a long series of cryptocurrency-related fundraising efforts on behalf of the Ukrainian government following Russia’s invasion.
The official Twitter account of the Ukrainian government has already distributed information on bitcoin donations to the country.
Official updates from the Ukrainian government’s Twitter account have been moved to Vice Prime Minister Fedorov’s account since yesterday.
Scammers appeared to be targeting Ukraine’s fundraising efforts in the past by issuing a bogus token that appeared to be genuine. News outlets declared this coin to be official, and it immediately gained significant trading activity on decentralized exchanges.
Other red flags were the token’s appearance, which made it appear as if it was issued from Ukraine’s public Ethereum address when it was actually issued by a third party.
While the airdrop is no longer happening, it was a successful marketing tactic in terms of increasing donations. Following the airdrop announcement, donations to Ukraine soared in anticipation of a future token, with millions of dollars streaming into the country’s coffers.
The Ukrainian government has collected nearly $30 million in crypto donations since it began collecting them last Friday, according to Fedorov’s most recent Telegram update. The government has raised funds using bitcoin (BTC), ether (ETH), and Polkadot’s DOT, among other cryptocurrencies.
Airdrops have been utilized by companies and governments in the past to stimulate widespread adoption outside of the private sector. El Salvador handed its citizens $30 in Bitcoin as a reward for using the government-backed Chivo wallet last year. The decision was taken as part of the country’s controversial decision to recognize Bitcoin as legal tender.
While later contributors will not obtain the expected token, they will be able to brag that they were challenged by a sovereign state.
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