Israeli Web3 community launches crypto aid fund for humanitarian relief
Crypto Aid Israel Relief Fund organisation is making a positive impact on Israel's relief efforts by contributing Bitcoin, Ethereum, Tether, and USD Coin to the Crypto Aid Israel Relief Fund.
Highlights
- For security, the organisation warns against phishing and recommends using only official website-provided wallet addresses
- As of Tuesday morning, Crypto Aid Israel had raised $41,000 in donations, according to AICoin
Prominent figures in Israel's Web3 community have come together to create the Crypto Aid Israel fund, aimed at aiding citizens displaced due to conflict. The fund accepts donations in the form of Bitcoin, Ethereum, and stablecoins.
The crypto donation campaign started on 9 October with the aim of collecting funds to help Israeli citizens affected by the conflict with Hamas who are in need of humanitarian assistance.
Fireblocks will manage the assets, and at least four out of seven trusted people must agree before any money is moved. This makes sure everything stays secure.
Donors are cautioned about the risk of phishing attacks and advised to exercise caution. Crypto Aid Israel, in collaboration with partners such as 42Studio and CryptoJungle, has successfully raised $41,000, as reported by AICoin.
Spokepersons Statement
The organisation’s spokesperson said that
A strict policy has been implemented that requires at least four out of seven signatories to move funds out of the wallet.
CryptoJungle CEO Ben Samocha expressed their hope to gather sufficient funds to offer food and shelter to families who have lost their homes.
Also Read
Tragedy strikes Israel music festival
According to reports, a music festival in southern Israel was attacked by armed individuals, resulting in the deaths of approximately 260 people over the weekend.
Crypto Aid Israel has reported that the attacks have taken the lives of at least 600 Israelis and left over 2,000 injured.
Israel’s cryptocurrency donations
Cryptocurrency plays a vital role in charity, offering quicker and cheaper donations than traditional banks with strict regulations.
Insight Partners, a venture capital firm, pledged $1 million for Israeli humanitarian aid. Experts expect increased market instability due to the ongoing conflict, with the crypto market already losing $25 billion since the weekend.
