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Cardano’s Founder Shares His Reasons For Not Donating to Ukraine

Various founders and stakeholders of the DeFi community have sent some cash in cryptocurrencies to Ukraine following its crypto donations request on the official Twitter account to intensify its fight against Russia. The request was well received as donations started pouring in from all quarters.

As of the time of this publication, over $24 million has been raised, with the latest coming from Polkadot founder, Gavin Wood. While the cryptocurrency community is doing all they can to help Ukraine overcome the onslaught from Russia, one individual that has refused to donate is Cardano founder, Charles Hoskinson. 

Why Hoskinson Won’t Partake in the Donation

Putting out a video to demystify his reasons, the founder said he wasn’t sure if his donations would be put into good use. By this, he is uncertain the donations will cater to the welfare of Ukrainians or be misused by the government. 

Hoskinson used the parable of teaching a man to fish and giving him fish to explain the situation. He warned that it was possible for wallets with such funds to get lost, with assertions made that the keys are missing somewhere or that people with information about the funds were dead when the fact of the matter is they were siphoned.

Therefore, Hoskinson concluded he wouldn’t help the Ukrainian government now or later. He, however, opined that the crypto enthusiasts could help Ukrainian refugees. 

Currently, ADA trades at $0.88 after falling about 4% on the last day. It is the ninth-largest based on market capitalization. Santiment’s report indicates that ADA’s valid addresses have been on the decline since December. However, that has changed in the last week, with addresses increasing.

Tron Founder Shares His Displeasure About Unfair Treatment

The request from Ukraine pressurized the digital currency community tremendously to donate. Prominent founders, such as Tron’s Justin Sun and Gavin Wood of Polkadot, have supported the Ukrainian government with funds. Ripple has also done the same to the country to the tune of $1 million worth of XRP.

Ukraine confirmed receiving Tron’s donation on March 2nd to a tune of $1.3 million in USDT. However, Sun voiced his unhappiness in how the Ukrainian government treated the funds, citing unfairness. This came after the government canceled the airdrop.  

Sun said Ukraine should treat all the donations fairly regardless of the amount. It’s clear that Sun is unhappy, but he reiterated to continue supporting Ukraine through donations. 

Hoskinson’s statement raises questions on ADA’s rally. Experts think that they might negatively affect ADA ahead. 

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