TL:DR:
- Several crypto companies including Binance, Tether, Bitfinex, OKX, and Kucoin pledged over $9 million in aid for the earthquake victims in Turkey and Syria.
- The Avalanche Foundation donated $1 million in AVAX tokens.
- Tron founder Justin Sun pledged to donate $1 million in TRX from Huobi Global cryptocurrency exchange.
Crypto Community Mobilizes to Help Earthquake Victims in Turkey and Syria
The crypto community has once again demonstrated its capacity to support humanitarian efforts as several cryptocurrency companies pledged over $9 million in donations to aid the victims of the massive earthquakes that hit Turkey and Syria.
Binance Leads the Effort with a $5 Million Airdrop
Binance, one of the leading cryptocurrency exchanges, pledged $5 million to support the earthquake victims through a BNB airdrop of $100 (1883 TRY) to users in the affected region. Binance CEO Changpeng Zhao emphasized the need for the industry to come together and offer support during these challenging times.
“The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to again come together to offer support in these times of crisis,” said Zhao.
Avalanche Foundation Donates $1 Million in AVAX Tokens
The Avalanche Foundation, a non-profit organization committed to supporting the Avalanche ecosystem and its community, donated $1 million in AVAX tokens to aid the earthquake victims. Aytunc Yıldızlı, the Executive Director of the Avalanche Foundation, shared that the donation is a way for the foundation and the community to show support for those in need.
“Turkey is close to the heart of the Avalanche Foundation and community, and the funds will help people recover faster in the wake of this tragedy. It is time to come together and show that crypto is a force for good and a sign of hope for all of us hurting,” Yıldızlı said.
Tron Founder Justin Sun Pledges $1 Million in TRX
Tron founder Justin Sun also joined the fundraising efforts by pledging to donate $1 million in TRX from the Huobi Global cryptocurrency exchange. Sun’s donation is a testament to the crypto community’s commitment to support disaster relief and rebuilding efforts.
The Need for Vetting Groups
As with any fundraising drive in the aftermath of a large-scale disaster, there are always concerns about malicious attempts at scamming well-intentioned donors. It is crucial to vet these groups to ensure that the funds reach those in need. Endaoment and The Giving Block are two projects that aim to facilitate donations to charities using cryptocurrency, ensuring that the funds are used for their intended purpose.
Tips for Donating Cryptocurrency Safely to Causes
The earthquake that struck Turkey and Syria has inspired people to donate funds to help the victims. With the increasing popularity of cryptocurrencies, many people are turning to digital currencies for their donations. However, it’s crucial to exercise caution when donating cryptocurrency, especially in the midst of a crisis.
Reports of Fraudulent Accounts
Within hours of the earthquake, Haluk Levent, a popular musician in Turkey, tweeted the addresses of three new crypto wallets that people can donate to. However, fraudulent accounts soon began to appear on Twitter claiming to be charities helping the earthquake victims.
Expert Advice on Spotting Scams
Arda Akartuna, a senior cryptocurrency threat analyst at Elliptic, offers some tips on how to avoid scams when donating cryptocurrency. He advises checking the history of the account that’s sharing the crypto wallet address. If the transactions are from before the earthquake, it raises questions and is a red flag.
He also suggests looking at the Twitter account that’s tweeting out the crypto wallet address, including the number of followers, the legitimacy of the followers, when the account was started, and whether prominent figures have retweeted it.
Benefits of Donating Cryptocurrency
While there are challenges when donating cryptocurrency, proponents of digital currencies see several benefits over traditional fiat currency. Akartuna points out that using cryptocurrency can avoid substantial wire fees for international transfers, making it much cheaper and quicker. Additionally, it provides accessibility to those who don’t have bank accounts that can accept international transfers.
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