Regrettably, the peaceful world token, an airdrop that was set to be launched today, has been canceled by the vice prime minister of Ukraine, Fedorov Mykhailo. Fedorov noted that it would be correct to say that investors who have bought the token from decentralized exchanges like PancakeSwap have lost their funds.

Ukraine has received over USD $50 million in crypto as donations from countries, individuals, and financial institutions, to support the country as they wage war against the Russian armed forces. The Ukrainian government received the donations through an address built on the Ethereum blockchain.

Having received close to USD $100 million through donations, the government of Ukraine, through an official press release, confirmed that it would be launching an airdrop on the 3rd of March, 18:00 Kyiv time (GMT +2).

The announcement was followed by a promise from the government of Ukraine will reward donors with a secret token to be revealed at the airdrop’s launch time.

Peaceful World Token is a Scam

For the upcoming airdrop, Ukraine opted for Peaceful World as its token. Unfortunately, the scammers minted approximately 7,000,000,000 (7 billion) WORLD tokens. Pachshield affirmed that the supposed peaceful world token is a scam; he explained that the scammers sent most of the WORLD tokens to the Ukrainian address and then moved the tokens to other addresses.

According to a tweet by Fedorov via his official Twitter handle, the vice prime minister announced the cancellation of the proposed airdrop.

He said that the decision was taken after proper consultations and due considerations were followed.

Fedorov expressed happiness that people are more than willing to help Ukraine during these turbulent times. He, however, concluded by saying that the government has opted for NFT to support the Ukrainian armed forces, as they no longer have plans to launch fungible tokens.

Uniswap – a decentralized exchange platform, recently added a feature that enables customers to swap ERC-20 tokens easily and donate to the government of Ukraine in a single transaction as support to the warring country.

Some airdrops involve a lot of money: like the $75,000 one 25-year-old Bored Ape holder received when that projectissued ApeCoin.

In Ukraine’s case, Waugh says tweeting about an airdrop was a savvy move.

“Someone on their team has a bit of crypto context, and this is the play, you know? They’re just talking about an airdrop and the donations went straight up,” he said.

Indeed,$4 million poured intoUkraine’s Ethereum wallet the day after the airdrop tweet went out.

  • What about “snapshot?”

A snapshot is simply the point in time that a project uses to reference who gets the airdrop. In the case of Ukraine’s planned airdrop, the snapshot would have taken place on March 3, meaning users still had time to donate in order to be part of the airdrop. This explains the rush to donate after the Ukraine account tweeted about an airdrop.

The idea behind the scam was to pump WORLD and then dump it. After the spoof, Ukraine announced it wascanceling its airdrop, switching instead to an NFT fundraiser.

  • What lessons about crypto can we take from this failed airdrop?

For Waugh, the important underlying issue is that the point of DAOs is to coordinate people on the internet on a global scale.

“It shows the power of a DAO, right? When a big event in the real world happens, a lot of people scramble to make these communities and make some meaningful stuff happen,” he says.

He points to the fact that DAOs raising funds for Ukraine, likeUkraineDAO led by Pussy Riot memberNadya Tolokonnikova were established in days, with thousands of members taking part in discussions and donating funds.

Days after Russian forces entered Ukraine, the country’s official Twitter account had become a major conduit of information about the invasion. But it was also something more: the account became the launching point forfundraising cryptoto help the nationrepel the invasion.

This meant Ukraine’s government started engaging with the vocal crypto community on Twitter and even adopted crypto-nativefundraising tactics. On March 2, Ukraine’s official twitter account posted: “Airdrop confirmed” then gave details about a planned “snapshot” to come the following day.

This might appear to be gibberish to many people, but for crypto Twitter, this showed that Ukraine was using some of the DAO world’s most established mechanisms for launching a token — mechanisms with the potential to raise funds for the country while also enriching donors.

Things happened quickly. At its peak, last November, DeFi projects held $110 billion in value, according to DeFi Pulse, compared to about $10 billion in asset value held by DeFi projects in the summer of 2020.

But, of course, it’s not really like McKinsey at all, since it’s a crypto thing. Waugh, who I first met years ago at a conference in Osaka, Zoomed with me from Sun Valley where he was skiing with friends before heading to Amsterdam for a month or so to take part in an Ethereum hackathon.

I asked him to break down what Ukraine’s tweet meant and what happened next.

Your questions about Ukraine’s tweet answered

  • What did Ukraine mean by “airdrop confirmed?”

Airdrops are one mechanism that crypto projects use to incentivize users to take part. It’s essentially a way to give money away.

The crypto community was excited to welcome the newly introduced feature.

The Crypto Addresses for Donating to Ukraine

The ETH wallet for the receipt of donations by the government of Ukraine has about 17,500 others, with a current market value of over USD$50 million (this figure excludes donated funds already withdrawn). Ethereum, Tether USD, Dai, Decurian, Candle, USD Coin, and StarLink were the most popular cryptocurrencies used to contribute to Ukraine ETH addresses. However, due to scammers’ activities to hijack the donated funds, the government of Ukraine prefers the use of non-fungible tokens to fungible tokens.

Scammers are everywhere; they are on the rampage.
Internet fraud has ripped many investors of their funds. They will utilize all means at their disposal to defraud unsuspecting investors and crypto traders in the marketplace.

The project is selling the token for the express purpose of raising capital. One high-profile example of this isConstitutionDAO, which raised tens of millions in hopes of purchasing a copy of the U.S. constitution. “That token ended up going through the roof,” Waugh says. “I imagine something similar could end up happening [with a Ukraine token] just because of the name.”

With the second route, the idea is to hit some non-financial goal such as awareness of a donation campaign. The project could use a mechanism that incentivizes distribution of more tokens, perhaps by allocating a percentage of airdropped tokens to be given away by each holder, Waugh says.
“If I get 100 tokens, maybe 10 tokens aren’t actually mine, but I’m able to send them out for free,” he says.

And he believes the fact that the government of Ukraine was even contemplating using tried-and-true DAO tactics shows how far the technology has come in a few years.

“I remember being at one of the last pre-Covid [crypto] events in Berlin, and we were saying, it’s going to be so funny when we walk down the street and hear random people talk about DAOs, right?” Waugh says. “And then we were at the beach the other day and random people sitting next to us were talking about DAOs!”

“Being one of the first five people in the room when DAOs were being talked about is going to be crazy,” he says.

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