Crypto Donations for Ukraine Provide Flow of War-Related Help
2022-03-30
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1Ukraine says it has received some unusual financial support in its fight against the Russian invasion: cryptocurrency donations.
2People around the world have donated millions of dollars directly to Ukraine's war effort through cryptocurrencies such as bitcoin.
3Crypto is a digital currency that only exists online.
4It works as an exchange medium through computer networks that are not controlled by any bank or government.
5Ukrainian officials began calling for such donations in late February, shortly after Russia's invasion.
6Ukraine's government says it has taken in almost $67 million of its $200 million goal as of March 26.
7Alex Bornyakov is the country's deputy minister for digital transformation.
8He wrote on the nation's donation website that "crypto is playing a significant role in Ukraine's defense."
9Ukraine has spent about $34 million of the funds received as of last week.
10It has turned about 80 percent of the donations into traditional money.
11It used the remainder with merchants that already accept cryptocurrencies, Bornyakov said in an email.
12Michael Chobanian is the founder of a Ukrainian cryptocurrency exchange.
13He is one of several people helping the Ukrainian government manage the donations through an informal agreement, Bornyakov confirmed.
14"We are buying so much stuff that is saving lives every single day and also are stopping the aggression, so it's a beginning of the new world,"
15Chobanian said in a voice message sent through the app Telegram.
16Chobanian said he was not receiving payment for his work.
17But he noted that some of the funds are being converted through his cryptocurrency exchange Kuna.
18"It's certainly a first," said Bennett Tomlin.
19He investigates cryptocurrency scams.
20"We've never seen a sovereign nation fund their defense efforts in crypto before," Tomlin added.
21Officials have said that the speed with which they can use cryptocurrency donations has made them useful.
22The downside of such speed and ease is that cryptocurrencies are the currency of choice for criminal networks.
23The publicity around Ukraine's call for donations has attracted scammers - people who get money for themselves through dishonesty and trickery.
24Hilary Alley is a professor at American University's law school in Washington, D.C.
25She has written a book about the risks of cryptocurrencies.
26She said anyone who donates should carefully look at all the actors involved.
27"Who is receiving the crypto?
28Who will be converting the crypto?
29You need to be thinking about them the same way you'd be thinking about any other charity or nonprofit you are donating to because they are intermediaries in just the same way," Alley said.
30Many of the donations to Ukraine's accounts can be confirmed on public tools that follow the path of cryptocurrency dealings.
31Tuan Phan is a cybersecurity professional.
32He examined the flow of money to and from some of Ukraine's accounts.
33He did this in part because he wanted to make a donation himself.
34Born in Vietnam, he said he was eight years old when North Vietnamese Communist forces took Saigon in 1975.
35"I'm old enough to remember what happened, so I'm very empathetic to the Ukrainians," Phan said.
36"I wanted to make sure the address where I'm sending my donation is landing in the right places. There are lots of scams going on, so you have to be extra careful."
37I'm Ashley Thompson.
1Ukraine says it has received some unusual financial support in its fight against the Russian invasion: cryptocurrency donations. 2People around the world have donated millions of dollars directly to Ukraine's war effort through cryptocurrencies such as bitcoin. 3Crypto is a digital currency that only exists online. It works as an exchange medium through computer networks that are not controlled by any bank or government. 4Ukrainian officials began calling for such donations in late February, shortly after Russia's invasion. Ukraine's government says it has taken in almost $67 million of its $200 million goal as of March 26. 5Alex Bornyakov is the country's deputy minister for digital transformation. He wrote on the nation's donation website that "crypto is playing a significant role in Ukraine's defense." 6Ukraine has spent about $34 million of the funds received as of last week. It has turned about 80 percent of the donations into traditional money. It used the remainder with merchants that already accept cryptocurrencies, Bornyakov said in an email. 7Michael Chobanian is the founder of a Ukrainian cryptocurrency exchange. He is one of several people helping the Ukrainian government manage the donations through an informal agreement, Bornyakov confirmed. 8"We are buying so much stuff that is saving lives every single day and also are stopping the aggression, so it's a beginning of the new world," Chobanian said in a voice message sent through the app Telegram. 9Chobanian said he was not receiving payment for his work. But he noted that some of the funds are being converted through his cryptocurrency exchange Kuna. 10"It's certainly a first," said Bennett Tomlin. He investigates cryptocurrency scams. "We've never seen a sovereign nation fund their defense efforts in crypto before," Tomlin added. 11Officials have said that the speed with which they can use cryptocurrency donations has made them useful. The downside of such speed and ease is that cryptocurrencies are the currency of choice for criminal networks. 12The publicity around Ukraine's call for donations has attracted scammers - people who get money for themselves through dishonesty and trickery. 13Hilary Alley is a professor at American University's law school in Washington, D.C. She has written a book about the risks of cryptocurrencies. She said anyone who donates should carefully look at all the actors involved. 14"Who is receiving the crypto? Who will be converting the crypto? You need to be thinking about them the same way you'd be thinking about any other charity or nonprofit you are donating to because they are intermediaries in just the same way," Alley said. 15Many of the donations to Ukraine's accounts can be confirmed on public tools that follow the path of cryptocurrency dealings. 16Tuan Phan is a cybersecurity professional. He examined the flow of money to and from some of Ukraine's accounts. He did this in part because he wanted to make a donation himself. Born in Vietnam, he said he was eight years old when North Vietnamese Communist forces took Saigon in 1975. 17"I'm old enough to remember what happened, so I'm very empathetic to the Ukrainians," Phan said. "I wanted to make sure the address where I'm sending my donation is landing in the right places. There are lots of scams going on, so you have to be extra careful." 18I'm Ashley Thompson. 19The Associated Press reported this story. Ashley Thompson adapted it for VOA Learning English. 20__________________________________________________________________ 21currency - n. the money that a country uses; a specific kind of money 22transformation - n. a complete or major change in someone's or something's appearance, form, etc. 23significant - adj. large enough to be noticed or have an effect 24funds - n. available money 25merchant - n. someone who buys and sells goods especially in large amounts 26convert - v. to change (something) into a different form or so that it can be used in a different way 27scam - n. a dishonest way to make money by deceiving people 28intermediary - n. a person who works with opposing sides in an argument or dispute in order to bring about an agreement 29empathetic - n. showing an ability to understand and share the feelings of another