Project supported by Vitalik Buterin has not sent any cryptocurrencies to the government of Ukraine

The Ukrainian DAO, which even received the support of Vitalik Buterin in 2022, did not pass on the cryptocurrencies received to the government of Ukraine, which is facing the Russian invasion, and even collected money in decentralized digital currencies.

Since Russia invaded Ukraine in February 2022, the country has been facing a war and a humanitarian crisis as many homes suffer from continuous bombing.

With the scorched earth, the Ukrainian government is seeking help abroad, and a cryptocurrency DAO was meant to be the bridge. However, recent investigations, including with the government of President Volodymyr Zelensky, deny receipt of the coins.

Project that was supposed to send cryptocurrencies to Ukraine may have avoided the pledge and staged a coup

According to recent revelations published by the Kyiv Post, the Ukrainian DAO is under investigation for a possible coup against the government of Ukraine.

The DAO that attracted attention in 2022 and even received support from major figures such as Vitalik Buterin, co-founder of Ethereum, said its mission was to raise funds to help not only the government of Ukraine, but also institutions and people in the country.

During the fundraising campaign, the DAO even claimed to have the support of a minister from Ukraine, who denied any involvement with the suspected institution.

Wanted, Leo Radvinsky, owner of OnlyFans and one of the DAO’s biggest donors, the billionaire entrepreneur said he doesn’t know the people who care for the project and that he thought the cause was legitimate.

Some of the diverted money was used to pay the DAO leaders, although there was no provision in this regard in the original project. In addition, transactions reached Coinbase and the defunct FTX wallets, and it’s not clear if any value actually reached the Ukrainians.

DAO cryptocurrency plummets amid controversy

The project’s cryptocurrency, LOVE, moved more than $20 million, but none of the amount came for the humanitarian aid as promised.

To make matters worse, with the revelations of the possible DAO scam, the price of cryptocurrency LOVE has plummeted by 48% in the past 14 days, according to CoinGecko.

Over the past year, the cryptocurrency linked to the suspicious project has lost more than 80% of its value against the dollar, and today costs just $0.07.

Cryptocurrency UkraineDAO Flag NFT, LOVE, Plunges 81% in 1 Year
Cryptocurrency UkraineDAO Flag NFT, LOVE, Plunges 81% in 1 Year. Reproduction.

Ukraine received donations directly

Since the beginning of the Russian invasion, the government of Ukraine has shown a quick understanding of the subject of cryptocurrencies.

In addition to creating bitcoin and other cryptocurrency addresses to accept donations, President Volodymyr Zelensky signed a law legalizing cryptocurrencies in Ukraine. That is, in the invaded country, having cryptocurrencies and making payments with the technology is free for everyone.

It is worth remembering that with the invasions, the Ukrainian Internet went down and Elon Musk’s satellites helped the country regain its coverage.

It is still at war and it is not clear whether Ukraine intends to investigate the DAO case, but media investigations are shedding light on a possible coup against a government.

Source: Live Coins