Ukraine lost $ 160 000 on the sale of cryptocurrency donations for the needs of the Armed Forces

According to Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine, on Twitter, Ukraine has sold the CryptoPunk #5364 NFT for 90 ETH (over $ 100,000). When the non-fungible token was donated to help Ukrainians in April, its value was estimated at $ 260,000.

Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It's over $ 100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.

— Alex Bornyakov (@abornyakov) June 20, 2022

In March, the user 0×165cd3 donated the non-fungible CryptoPunk token #5364 to Aid For Ukraine, a charity organization that volunteers to help Ukrainians. The user purchased the NFT on March 1 for 16.19 ETH, which was worth $ 31,722 at the time. After the non-fungible token was transferred to Ukraine, another user offered to buy back CryptoPunk #5364 for 100 ETH, which was approximately $ 288,414 at the time. However, the token was not sold at that time.

According to analysts, the use of cryptocurrencies in Ukraine during the war showed the potential of virtual funds in geopolitical situations when cash is difficult to transfer quickly or transactions are completely blocked. Non-fungible tokens are also popular among Ukrainians. Last week, 8 out of the 10 most popular NFT collections, such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare, increased sales by 115% in 24 hours, all due to a massive decrease in the value of the collections.