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Ukraine Receives Over $7M in Crypto Donations After Airdrop Announcement
It is currently unknown what the airdrop entails, although Ukraine’s tax office announced there will be no tax on captured Russian tanks.
By Sam Reynolds
Updated May 11, 2023, 7:18 p.m. Published Mar 2, 2022, 10:20 a.m.
Ukraine received over $7 million in crypto donations after the country announced an airdrop is inbound, according to on-chain data.
- Ukraine received $1.1 million in ether , $6 million in DOT and other cryptos, after the announcement on Wednesday. This would take the country's total crypto donations to over $40 million.
- Before the airdrop over $33 million in crypto had been donated to Ukraine’s war efforts.
- An airdrop involves sending free tokens as an incentive for an action. Usually project creators airdrop tokens as a way of building adoption.
- It’s not yet known what Ukraine's airdrop would entail. Ukraine has said that any Russian soldier who surrenders would get a payment of approximately $48,000, and crypto could play a role in this.
- Tax authorities in Ukraine have said that captured Russian equipment such as tanks do not need to be declared as taxable income as “combat trophies ... were acquired not as a result of the conclusion of any type of transaction.”
- However, for Ukraine tax residents an airdrop would likely be taxable income under current guidance. Tax authorities have not given a clear position on the tax liability of a non-fungible token (NFT) of a captured Russian tank.
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Read more: Ukraine Says 'Airdrop Confirmed’ After Receiving $33M Crypto Donations
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