Cointime

Cointime

Download App
iOS & Android

Heroes Of The Crypto Community Rally Behind Turkey

Validated Project

TL:DR:

  • Several crypto companies including Binance, Tether, Bitfinex, OKX, and Kucoin pledged over $9 million in aid for the earthquake victims in Turkey and Syria.
  • The Avalanche Foundation donated $1 million in AVAX tokens.
  • Tron founder Justin Sun pledged to donate $1 million in TRX from Huobi Global cryptocurrency exchange.

Crypto Community Mobilizes to Help Earthquake Victims in Turkey and Syria

The crypto community has once again demonstrated its capacity to support humanitarian efforts as several cryptocurrency companies pledged over $9 million in donations to aid the victims of the massive earthquakes that hit Turkey and Syria.

Binance Leads the Effort with a $5 Million Airdrop

Binance, one of the leading cryptocurrency exchanges, pledged $5 million to support the earthquake victims through a BNB airdrop of $100 (1883 TRY) to users in the affected region. Binance CEO Changpeng Zhao emphasized the need for the industry to come together and offer support during these challenging times.

“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 again come together to offer support in these times of crisis,” said Zhao.

Avalanche Foundation Donates $1 Million in AVAX Tokens

The Avalanche Foundation, a non-profit organization committed to supporting the Avalanche ecosystem and its community, donated $1 million in AVAX tokens to aid the earthquake victims. Aytunc Yıldızlı, the Executive Director of the Avalanche Foundation, shared that the donation is a way for the foundation and the community to show support for those in need.

“Turkey is close to the heart of the Avalanche Foundation and community, and the funds will help people recover faster in the wake of this tragedy. It is time to come together and show that crypto is a force for good and a sign of hope for all of us hurting,” Yıldızlı said.

Tron Founder Justin Sun Pledges $1 Million in TRX

Tron founder Justin Sun also joined the fundraising efforts by pledging to donate $1 million in TRX from the Huobi Global cryptocurrency exchange. Sun’s donation is a testament to the crypto community’s commitment to support disaster relief and rebuilding efforts.

The Need for Vetting Groups

As with any fundraising drive in the aftermath of a large-scale disaster, there are always concerns about malicious attempts at scamming well-intentioned donors. It is crucial to vet these groups to ensure that the funds reach those in need. Endaoment and The Giving Block are two projects that aim to facilitate donations to charities using cryptocurrency, ensuring that the funds are used for their intended purpose.

Tips for Donating Cryptocurrency Safely to Causes

The earthquake that struck Turkey and Syria has inspired people to donate funds to help the victims. With the increasing popularity of cryptocurrencies, many people are turning to digital currencies for their donations. However, it’s crucial to exercise caution when donating cryptocurrency, especially in the midst of a crisis.

Reports of Fraudulent Accounts

Within hours of the earthquake, Haluk Levent, a popular musician in Turkey, tweeted the addresses of three new crypto wallets that people can donate to. However, fraudulent accounts soon began to appear on Twitter claiming to be charities helping the earthquake victims.

Expert Advice on Spotting Scams

Arda Akartuna, a senior cryptocurrency threat analyst at Elliptic, offers some tips on how to avoid scams when donating cryptocurrency. He advises checking the history of the account that’s sharing the crypto wallet address. If the transactions are from before the earthquake, it raises questions and is a red flag.

He also suggests looking at the Twitter account that’s tweeting out the crypto wallet address, including the number of followers, the legitimacy of the followers, when the account was started, and whether prominent figures have retweeted it.

Benefits of Donating Cryptocurrency

While there are challenges when donating cryptocurrency, proponents of digital currencies see several benefits over traditional fiat currency. Akartuna points out that using cryptocurrency can avoid substantial wire fees for international transfers, making it much cheaper and quicker. Additionally, it provides accessibility to those who don’t have bank accounts that can accept international transfers.

BNB BNB $600.50
+1.7%
Binance Tether OKX
Comments

All Comments

Recommended for you

  • Amazon Shares Surge 15.2%, Biggest Gain Since 2012

    On July 31, Amazon shares surged 15.2% to $271.255 per share, marking their biggest gain since 2012, with a total market value of $2.92 trillion.

  • US Treasury Secretary Bessent Vows to Track Down Iranian Assets Globally for Terror Victims

    US Treasury Secretary Bessent said the US will actively track down Iranian assets worldwide to ensure compensation funds for victims of Iran-backed terrorist activities. Bessent stated that the US government's military and economic blockade measures against the Iranian regime will continue and will not be relaxed. (Jinshi)

  • Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations

    On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.

  • Three Fed Officials Back Rate Hike, Hawkish Pressure Builds

    On July 31, three Federal Reserve policymakers said that dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, highlighting rising internal pressure on Fed Chair Warsh to act. In statements released Friday morning, Hammack and Kashkari said they worry that although the current round of price increases may stem from short-term factors such as President Trump's tariff policies and the Iran war, the inflation situation already warrants Fed action. Logan also joined in, saying that even if inflation cools, if the Fed does not raise rates, inflation is unlikely to fully fall back to the Fed's 2% target; without any policy constraints, inflation could continue to run above target until an unexpected shock occurs. Kashkari said that if inflation remains persistently stubborn, he might support a series of rate hikes, not just a single increase, to prevent inflation from becoming further entrenched. He said: "A series of small policy adjustments may be preferable to waiting for developments to unfold and ultimately having to take more forceful action." Hammack said that if the Fed does not tighten policy, price increases could continue to accelerate. She said: "Inflation has been stubbornly above 2% for more than five years, and I have no confidence that it will return to our target on its own." (Jin Shi)

  • US 10-Year Treasury Yield Rises to 4.7388%, Highest Since January 2025

    On July 31, the US 10-year Treasury yield rose to 4.7388%, the highest level since January 2025.

  • Spot Gold Intraday Decline Widens to 2%, at $4,021.08 per Ounce

    On July 31, spot gold's intraday decline widened to 2%, reported at $4,021.08 per ounce.

  • BTC Falls Below $63,000

    Market数据显示，BTC has fallen below $63,000, currently reported at $62,985.99, with a 24-hour decline of 2.99%. Market volatility is significant, please exercise risk control.

  • Fed's Logan: Leaning Toward 25 Basis Point Rate Hike

    On July 31, Federal Reserve Governor Logan said she leans toward a 25 basis point rate hike, believing inflation has not yet entered a sustainable path back to the Fed's 2% target. Logan stated that taking moderate action now would reduce the risk of needing more aggressive tightening in the future, while emphasizing that the Fed cannot rely on unexpected shocks to achieve its inflation target.

  • Fed's Logan: Taking Modest Actions Now Reduces Likelihood of Needing Stronger Action Later

    On July 31, Dallas Fed President Lorie Logan said that taking modest actions in the near term would reduce the likelihood of needing to take stronger action in the future.

  • Philadelphia Semiconductor Index Erases 5% Gain, Turns Lower

    On July 31, U.S. chip and semiconductor stocks rapidly weakened, with the Philadelphia Semiconductor Index wiping out a 5% gain and turning lower. Micron Technology, which had risen 6%, is now down 4.2%. SanDisk, which had gained nearly 10%, is now down over 6%. SK Hynix and Seagate Technology, which had risen over 8%, are now down 2%. TSMC, which had gained 4%, is now down nearly 1%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company