You have probably seen at least one article about the tens of millions of dollars in charitable contributions to the government of Ukraine thanks to the kindness of cryptocurrencies holders and advocates.
An overview of the data shows that the majority of transactions over the past five weeks have taken place in a short period of time.
An airdrop is a big deal and usually involves giving out cryptocurrencies to users.
The number of daily Ethereum transactions made to Ukraine's wallet address from February 26 to March 31. Credit: Etherscan
Most of the time, donors send money to Ukraine because they think they will be able to profit from their donation. How? They would later sell a reward in exchange for their contribution being treated more like an investment.
On February 26, 2022, the official account of the Ukrainian government announced it would accept donations via cryptocurrencies. The official wallet addresses of Ukraine'scryptocurrencies were included in the post. One of the two largest cryptocurrencies is ether, the currency that is traded on the Ethereum platform.
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More than 2,800 transactions were sent to Ukraine on the first day. Over 3000 transactions were made on February 27.
The hype surrounding the space and the media coverage that followed would lead to an influx of transactions in these first days. Over 1,200 transactions were sent to Ukraine by the end of February.
The window to get in on the airdrop would last until March 3.
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Airdrops could be in the form of a non-fungible token, such as dropping free coins into the users wallet.
airdrops are marketing stunts that reward people with money. You need to buy into a project in order to get that reward. Donate to the official wallet address of the Ukraine government.
On the day the airdrop was announced, the number of transactions went up. There were over 25,600 transactions made on March 3. Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, Mykhailo Fedorov, announced that the airdrop was canceled hours before the cut-off.
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Donations to Ukraine plummeted immediately. The day after the airdrop was canceled, there were only around 800 transactions sent to Ukraine. Over the past week, around two to three dozen transactions have been made to Ukraine.
Why was the planned airdrop canceled? The Ukrainian government realized that many donors were trying to make money from their charitable contribution, which was intended to aid the war-torn country.
Alex Bornyakov, the deputy minister of digital transformation on IT industry development in Ukraine, said that a lot of people began sending incredibly small amounts of ether just to receive the airdrop.
Even small donations could have received the kickback because there was no minimum donation set by Ukraine.
Alex Bornyakov is the deputy minister of digital transformation on IT industry development in Ukraine.
Regardless of what happened with the airdrop, the promoter came out ahead. The millions of charitable contributions sent to Ukraine were rewarded with positive press coverage.
The intent behind most of those transactions was not charity.
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