Ukrainian government cancels crypto airdrops in favor of NFTs 

Ukrainian officials canceled their plan to host a crypto airdrop to raise funds to fight Russia’s invasion on Thursday. According to the authorities, they intend to sell non-fungible tokens (NFTs) to support the armed forces.

According to Ukrainian Vice Premier Mykhailo Fedorov, the country has canceled the airdrop for crypto donations announced on Tuesday and will instead raise funds by selling NFTs.

After careful consideration, we decided to cancel airdrop. Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens.

Fedorov wrote on Twitter.

Ukraine’s government planned to launch the airdrop at 6 pm yesterday, Kyiv time. The crypto airdrop program was turned upside down on Wednesday by scammers using a fake token masquerading as a government contract to target Ukraine’s fundraising efforts. The fake token was created by fraudsters and made to look as though it had been granted to donors as an airdrop token.

The airdrop was eventually flagged by Ethereumscan as a fake almost an hour before it actually took place. A few hours later, Fedorov announced that Ukraine had decided to use NFTs to support its armed forces in place of crypto airdrops. There are no airdrops available anymore, but they acted as a very effective marketing tool. An airdrop announcement led to the donation of $7 million to the Ukrainian crypto wallet.

It also seemed strange that the government canceled the airdrop without explaining why, which disappointed the crypto community.

Ukraine Benefits from Cryptocurrencies

A chain analysis indicates that Ukraine is the world’s fourth-largest cryptocurrency user, following Vietnam, India, and Pakistan. Ukraine has begun accepting cryptocurrency donations as a result of Russia’s invasion of the country. Cryptography is used in the country to provide evidence of cryptography’s benefits.

Ukraine announced its airdrop program on Wednesday following a strong response from the crypto community and the donation of millions in digital assets.

The Ukrainian government has received donations of Bitcoin, Ethereum, and other crypto coins in the past week. The government announced that it would accept cryptocurrency in its budget for this year. Over $10 million and $16 million in Bitcoin and Ethereum were reported to have been received by the government. Crypto funds have raised a total of more than $50 million so far.