CryptoPunk donation brings $100K to Ukraine’s war effort

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CryptoPunk donation brings $100K to Ukraine’s war effort

The Aid for Ukraine fundraising campaign sold CryptoPunk #5364 for 90 ETH (around $100K) to support the country in the war against Russia. Minister of Digital Transformation Alex Bornyakov made the announcement official on Twitter. 

The blue-chip NFT was donated by an anonymous collector to the Ukrainian fund back in March after the war began. At the time of the donation, the NFT was worth 78.8 ETH (approximately $208,270). 

Since the war started in late February, the Aid for Ukraine campaign has raised over $135 million through crypto donations and NFT sales. At the beginning of June, Eurovision champions Kalush Orchestra auctioned their glass microphone trophy and raised 500 ETH ($900,000) for the campaign.  

Donations are destined to buy non-lethal supplies for Ukraine’s army. Ukrainian crypto exchange Kuna is responsible for managing the fund’s transactions.

The current bearish crypto market relates directly to cryptocurrency donations. CryptoPunk #5364 sold for a 50% decrease in value. CryptoPunks are on the Ethereum network, which has lost 70% of its value since the beginning of 2021. Aid for Ukraine may have decided to go ahead and sell the CryptoPunk out of concern over falling prices. 

Yesterday, Christie’s head of NFT sales, Noah Davis, announced he was joining Yuga Labs as brand leader for CryptoPunks. Interestingly, sales spiked just before the announcement, sparking skepticism, with many Twitter users alleging insider trading in Yuga Labs.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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