What are they doing with all the crypto? Did they convert it to fiat? Is it just sitting there?
The only reason so many cryptos were sent is because there a lot of people who don't know what to do with their cryptos, they can't use it for anything and liquidating large amounts of crypto is a pain in the ass.
I'm also assuming those donors will try to write off their crypto at imaginary prices and hope the IRS doesn't notice.
Do you exclude all the fiat currency backed resources sent to help Ukraine?
Do you also exclude the crypto workarounds to sanctions on Russia that can keep the war prolonged?
The Dutch raised more than $100m which is still more than the crypto total
No. Crypto sent a bunch of meaningless novelty coins to a country that has no chance in hell of converting them into food, water, transportation etc.
How many exchanges will actually be able to cash out that amount of money?
https://etherscan.io/address/0x165CD37b4C644C2921454429E7F93...
That amount of money is easy to cash out even on a relatively small exchange.
For a system that claims to "have all data on the chain" it sure seems to be hard to trace the money.
> looks like they cashed out the equivalent of at least mid-7-figures USD. That amount of money is easy to cash out even on a relatively small exchange.
I've seen a few transfers out to USDT. And then some transfers to Kuna.io which is an offshore company registered in British Virgin Islands. Ah, truly "any exchange". It looks more like someone decided to profit off these donations.
What I linked you was a raw trace of the money. It includes all transactions to and from the address, with the amounts of each transaction shown, and with the exchange addresses labeled.
If you don't want to pore through their account history manually, write a script. The API is free.
> It looks more like someone decided to profit off these donations.
We could be looking at a criminal who stole the donated funds and is currently laundering them. Or, we could be looking at a government legally exchanging their foreign donations into their native currency.
Personally, I find that insinuation absurd. Do you really think we just witnessed a 7-figure heist from the Ukrainian government in plain view, and nobody is reporting on it?
Oh sweet summer child. "A criminal who stole from the government, a heist from the Ukrainian government".
How about: someone in the government found a way to profit during the war using tools that are largely unknown to the public, and where "plain sight" is "write a script, the API is free"?
> “It’s certainly a first,” said Bennett Tomlin, who investigates cryptocurrency scams and hosts the podcast Crypto Critic’s Corner. “We’ve never seen a sovereign nation fund their defense efforts in crypto before. It does prove out a lot of the crypto argument.”
Just to compare about $400,000,000 had been given via normal means by March 12th[1]. Sure every bit helps, but we're still talking different orders of magnitude.
[1 ]https://bank.gov.ua/en/news/all/na-pidtrimku-armiyi-ta-guman...