Charities In Turkey Raise Millions Of Dollars In Crypto After Tragic Earthquake Disaster

Key Points:

• By creating a multisig wallet on the BNB Chain for earthquake support, the crypto community is stepping up to assist those affected by the devastating natural tragedy in Turkey.
• In less than a day, the Turkish artist Haluk Levent’s charity Ahbap earned around $2 million in cryptocurrency contributions on the Avalanche, BSC, and Ethereum blockchains, leading the reaction.
• Binance also pledged to airdrop $100 in BNB.

By creating a multisig wallet on the BNB Chain for earthquake support, the crypto community is stepping up to assist those affected by the devastating natural tragedy in Turkey. Donations have been made so far totaling more than $170,000, mostly in the stablecoin BUSD.

A campaign to raise millions of dollars in crypto to benefit victims of the region’s significant earthquake is being led by non-profit groups that are new to cryptocurrency.

Haluk Levent, a Turkish music star, asked his Twitter followers if he should create a cryptocurrency account where donors could deposit money for the Ahbap, also known as the Dude Association non-profit. 81.7% of respondents who chose to establish a cryptocurrency account did so.

With over $2 million in cryptocurrency donations collected on the Avalanche, BSC, and Ethereum blockchains in less than a day, his nonprofit Ahbap is leading the reaction. Additionally, local exchange Paribu is raising money for two charities that are supporting the reaction.

As of the time of publication, according to Nansen, 53.9% of all donations received to Ahbap’s cryptocurrency addresses are sent in AVAX, Avalanche’s native token. The almost $1 million contribution came from the Avalanche foundation.

Additionally, stablecoins, a class of cryptocurrency whose value is closely pegged to the dollar, account for 45.2% of all donations. Users of cryptocurrency have given over $900,000 in USDT, USDC, and BUSD.

Levent asserted on Twitter that the addresses had been approved by Turkey’s Financial Crimes Investigation Board (MASAK) despite the Central Bank’s April 2021 prohibition on cryptocurrency transfers.

The biggest cryptocurrency exchange in the world, Binance, also promised to airdrop $100 in BNB, the platform’s native token, to its Turkish customers. This amount is equivalent to $5 million.

The project is the newest illustration of how cryptocurrency is being utilized to crowdfund international reactions. Early last year, the government of Ukraine raised millions of cash for its military effort.

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