Sam Bankman-Fried — the founder of cryptocurrency exchange FTX that enables its users to trade in cryptocurrencies including Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD — has expressed his support for Ukrainian account holders on FTX after Russia’s invasion of Ukraine.
What Happened: Bankman-Fried took to Twitter to say that FTX has given $25 to each Ukrainian account holder on the cryptocurrency exchange.
The tweet has received more than 24,000 likes and was also retweeted over 3,000 times, as at press time.
Based on current exchange rates, each Ukrainian account holder on FTX will receive currency worth 745.5 Ukrainian hryvnias.
The cryptocurrency community has also been donating toward the Ukrainian military. The total Bitcoin donations have reached a value of about $961,862, as per a wallet tracked by blockchain analytics and compliance firm Elliptic.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bankman-Fried had noted earlier that the Russian military action could destabilize Eastern European currencies, forcing people to think of alternative options.
He urged people to “do something nice for someone” as the world could use it right now.
The cryptocurrency entrepreneur also speculated that the prevalence of algorithmic trading of cryptocurrencies was the reason for Bitcoin’s market price taking a harsher beating compared to equities after Russia’s attack on Ukraine.
Ethereum co-creator Vitalik Buterin — who was born in Russia and grew up in Canada — had also criticized Russian President Vladimir Putin’s decision to attack Ukraine.
Price Action: Bitcoin is up 4.7% during the past 24 hours, trading at $38,708.54 at press time. Ethereum is up 2.5% during the period to $2,637.64.
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