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 who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected]

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