As the death toll from a series of devastating earthquakes that devastated parts of Turkey and Syria continues to rise, the cryptocurrency community has scrambled to help with underlying crypto technology that allows aid to reach those in need quickly and efficiently.
Millions of crypto donations are flowing in for Turkey and Syria earthquake relief!
Indeed, approximately $5.9 million in crypto donations have flowed to organizations helping earthquake relief, including the Turkish Ministry of Interior Earthquake Humanitarian Campaign, Turkish Red Crescent, Save the Children, Hope Project, and others, blockchain data platform Chainalysis said in February. .
Crypto aid grows
The latest figures in particular came as multiple crypto companies including Binance, Gate.io, Bitget, Tether (USDT), Bitfinex, Bybit, BitMEX, OKX, KuCoin and others have committed over $9 million to support earthquake victims.
It is also important to note that Turkey stands out as the largest crypto market in the Middle East and North Africa (MENA), the region that recorded the highest annual growth in crypto trading volume in 2022 (YoY) among all other geographic regions. It ranks 12th out of all countries in Chainalysis’s 2022 Global Crypto Adoption Index.
Community’s previous efforts
Meanwhile, this isn’t the first time the crypto community has flocked to help those who need it most. Crypto users donated more than $100 million in digital assets in a single month after the start of the Russian invasion of Ukraine in February 2022.
Alex Bornyakov, the country’s Deputy Minister for Digital Transformation, praised crypto as “an essential tool” in Ukraine’s defense strategy, for its usefulness in raising money for the ongoing war effort, “providing flexibility and speed that literally saved the lives of our soldiers.” Finbold’s July 2022 As reported in .
However, despite crypto’s ability to facilitate monetary support more efficiently than traditional financial and banking institutions, Chainalysis advises caution when sending donations, as terrorist groups have been known to conduct crypto financing campaigns disguised as charitable projects to hide their bad intentions.
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