Claims that Ukraine has invested army assist into the bankrupt crypto trade FTX have been rebutted by a consultant of the Ukrainian authorities. Hypothesis circulated on social media recommended such funds have been returning to the U.S. through FTX donations for the Democratic Celebration.
Kyiv Official Describes as Nonsense Allegation That Ukrainian Funding in FTX Funded Democrats
Deputy Minister of Digital Transformation of Ukraine, Oleksandr (Alex) Bornyakov, has rejected claims that cash despatched in assist of his war-torn nation has been invested in FTX, one of many largest cryptocurrency exchanges which is presently in chapter proceedings.
The rumors unfold on social media final week with some commenters linking the alleged funding in FTX to donations made by the troubled coin buying and selling platform to the Democratic Celebration in america.
#BREAKING ⚡️🇺🇦UKRAINE “MILITARY AID” FROM USA – WAS INVESTED IN CRYPTO “FTX” BY UKRAINE!
— UKR REPORT (@UKR_Report) November 12, 2022
Because the starting of the Russian army invasion in late February, the Ukrainian authorities and volunteer organizations have relied closely on overseas assist to fund their protection and humanitarian efforts. Tens of millions of {dollars} have been raised by way of cryptocurrency donations.
A devoted portal, Help For Ukraine, was launched in March to gather digital funds. In keeping with its web site and Twitter account, greater than $60 million, a determine introduced in Could, in varied digital currencies have been obtained, together with over 600 BTC, 10,000 ETH, and 15 million USDT. The present steadiness of the BTC handle offered by the initiative is just a little over 0.08 BTC.
The muse had three predominant crypto companions: staking service supplier Everstake, FTX, and the Ukrainian cryptocurrency trade Kuna. FTX was employed to transform the donated digital property into fiat foreign money, Bornyakov defined in a tweet posted on Monday. He additionally stated the “complete narrative … is nonsense.”
A fundraising crypto basis @_AidForUkraine used @FTX_Official to transform crypto donations into fiat in March. Ukraine’s gov by no means invested any funds into FTX. The entire narrative that Ukraine allegedly invested in FTX, who donated cash to Democrats is nonsense, frankly 🤦♂️
— Alex Bornyakov (@abornyakov) November 14, 2022
Help For Ukraine’s newest report on how the cash is being spent, revealed in July, exhibits that a big portion of the raised cryptocurrency was used to amass army tools, together with rifle scopes and thermal imagers, radio communication kits, armor vests and helmets, different clothes and discipline rations, in addition to gas. A worldwide anti-war media marketing campaign has been funded with over $5 million.
Research performed by blockchain analytics corporations Chainalysis and TRM Labs revealed that pro-Russia teams have been additionally accepting donations by way of crypto exchanges and managed to lift thousands and thousands of {dollars} in digital cash used to assist the Russian facet within the army battle.
What are your ideas on the alleged Ukrainian funding in crypto trade FTX? Inform us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons, Alex Bornyakov. Supply: Twitter, @abornyakov
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