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Controversy Over Polkadot CEO's Wartime Donation Efforts

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Founder of Polkadot Gavin Wood tweeted at the official Ukraine Twitter account posted Bitcoin, Ethereum, and USDT addresses that he would donate if Ukraine added a DOT address.

Many people across the globe have begun donating Bitcoin and other cryptocurrencies to help fund the Ukrainian military in its efforts to remain a sovereign nation while defending itself against Russia. Bitcoiners and crypto holder across the globe have been more than generous with their donations in support of Ukraine as over tens of millions of dollars have been donated to Ukraine prior to the addition of the $5.8 million donated by Gavin Wood. Wood’s single donation accounts for approximately 10% of the total Bitcoin and crypto donations.

Although Wood donated over $5 million of DOT, he's receiving backlash for donating his own cryptocurrency because many believe he would not have donated unless it was in his own cryptocurrency, saving himself from a taxable event. Backlash on Twitter comes from many who accuse Wood of trying to create positive publicity for his cryptocurrency rather than actually donating in order to help the Ukrainian Army and people. Following Wood’s donation, Ukraine has received over $210,000 of additional DOT donations after tweeting a DOT address. 

Wood has not been the only CEO to use their platform in order to gain publicity from donating to Ukraine. The custodial wallet FTX donated $25 to each Ukrainian on its platform and the CEO of Chain.com Deepak Thapliyal donated 100 Ether (ETH) or over $280,000. 


 

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Brandon is a data analyst who enjoys writing about bitcoin and finance. He is the co-founder of Green Candle Investments, a bitcoin and finance media company.

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