Ethereum cofounder Vitalik Buterin donated about $150,000 in ether to Ahbap Earthquake Support to help with the recent disaster in Turkey and Syria. The news comes from Etherscan transaction data, which show a movement of 99 ether from wallet address vitalik.eth to a wallet labeled “Ahbap Yardım / Earthquake Support”
“The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis,” Binance CEO Changpeng Zhao said in a press release.
“Time to take care of our users,” Zhao tweeted, adding that the crypto exchange would airdrop $100 (1883 TRY) in BNB, totaling $5 million, to users in the region. Soon after news broke of the earthquake and the staggering number of lives lost, Bitfinex, Keet, Synonym, Tether, and other companies announced a collective pledge of 5 million Turkish Lira, around $266,000, to go towards the earthquake recovery effort.
Chainalysis, a blockchain analytics startup, estimates that over $5 million in cryptocurrency donations had been delivered to Turkey and Syria in the aftermath of the earthquake. Haluk Levent, a local artist and AHBAP founder, expressed this opinion. He turned to Twitter to express his joy at the outpouring of cryptocurrency support.
Elliptic, a Chainalysis competitor, has confirmed these calculations. The businesses discovered that over $10 million in crypto tokens had been promised by numerous crypto firms. Binance, perhaps most famously, has offered a total of $5 million in contributed monies.
Despite the noble intentions driving this outpouring of crypto support, the reality in Turkey is more difficult. With the country already in economic turmoil before the earthquake, many citizens are eager to embrace the promise of cryptocurrency as a store of wealth and inflation hedge. According to one local resident called Tolga, while many are thrilled about cryptocurrency, the fact is that it is not yet a realistic option for everyday living.
In the wake of the tragic events that occurred on Monday, February 6th, non-profit organizations have turned to crypto to receive funds to aid rescue efforts and provide relief to individuals affected by the Turkey-Syria earthquakes.
Non-profit organizations turned to crypto to raise money for the victims of the deadliest earthquake in more than a decade because of the borderless nature of the technology. Natural disasters make it difficult for individuals to access traditional banking services to obtain funds for essential needs such as medical supplies and food. Crypto will make the process of acquiring funds much easier.