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Several cryptocurrency companies – including Binance, Tether, Bitfinex, OKX and Kucoin – have pledged over $9 million in donations to help victims of the massive earthquakes that struck Turkey and Syria early Monday morning.
As the toll continues to rise – more than 7,000 killed and over 20,000 injured – the collective effort shows that the crypto community is once again ready to step up to support humanitarian efforts.
The Avalanche Foundation joined the fundraising efforts and donated $1 million in AVAX tokens.
“Turkey is close to the heart of the Avalanche Foundation and the community, and the funds will help people recover faster from this tragedy,” Avalanche Foundation CEO Aytunc Yıldızlı told Decrypt in an email. “It’s time to come together and show that crypto is a force for good and a sign of hope for all of us who are hurting.”
“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 asking our industry colleagues to once again come together to offer support in these times of crisis,” said Binance CEO Changpeng Zhao in a press release.
“Time to take care of our users,” Zhao tweetedadding that the crypto exchange would release $100 (1883 TRY) in BNB, a total of $5 million, to users in the region.
Soon after the news 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, about $266,000, to go towards earthquake recovery.
“It is clear that the scale of the disaster has been both extensive and catastrophic,” Tether wrote in a press release announcing the donations. “Our hearts go out to the people of Turkey and our thoughts and prayers are with all those affected.”
Cryptocurrency exchange Gate.io pledged 1 million Turkish lira to support the earthquake in Turkey. To collect more donations, partner with Gate NFT to launch a charity Earthquake Recovery Donation NFT collection.
Adding his name to the growing list of founders and firms donating to support disaster relief, Tron founder Justin Sun pledged to donate $1 million in TRX from Huobi Global cryptocurrency exchange.
In February 2022, in what was called “the world’s first crypto war”, the crypto community – including several prominent names such as Ethereum co-founder Vitalik Buterin – sent millions in donations to support the government of Ukraine and NGOs operating in the area after Russia’s invasion.
Like Ukraine’s DAO last year, several Decentralized Autonomous Organizations, or DAOs, have emerged in the past 48 hours offering support to support humanitarian efforts. But as with all fundraising frenzies in the wake of major disasters, there are always concerns that some may be maliciously trying to scam well-intentioned donors.
Assessing these groups is essential to ensure funds reach those who need them. Projects such as Endaoment and The Giving Block have made it their business to facilitate donations to charities using cryptocurrency.
