thecoinrepublic.com
- 1 The war at the shore of the Mediterranean Sea broke out over the weekend leading to the immense suffering of the common people.
- 2 Crypto executives gathered to create the ‘Crypto Aid Israel’ fund seeking to help victims of war on both sides.
The war between Israel and Gaza, the Jewish country’s retaliation against the widely recognized terrorist group Hamas, broke out this week. The situation escalated so rapidly that it ended up causing death tolls to hit thousands while tens of thousands of people got misplaced. The crypto and Web3 community stood up and moved ahead with the intent to help those in need.
A group of crypto executives formed a fund in the wake of efforts to aid the victims of attack through ‘Crypto Aid Israel.’ The said fund will have a multi-sig wallet and it will be under the control of more than one party. Donors across the world can donate through twelve cryptocurrencies including Bitcoin (BTC), and Ethereum (ETH) like major crypto assets along with prominent stablecoins USDT and USDC.
Banking institutions and regulators in Israel were also said to come forward to support the initiative to manage the smooth flow of crypto asset donations.
Crypto Aid Israel, composed of executives from various Israeli crypto companies like 42Studio, MarketAcross, Collider Ventures, and CryptoJungle, has outlined its mission to collect cryptocurrency donations and channel them toward Israeli nonprofits. These nonprofits, in turn, will assist families who have relocated from southern Israel to Tel Aviv, the country’s largest city, often without basic necessities like food and clothing.
Notably, the group has been in communication with multiple Israeli government agencies that have expressed interest in supervising the distribution of funds raised by the war-victims-focused fund. This initiative highlights the cryptocurrency community’s involvement in humanitarian efforts and the potential collaboration with governmental bodies to facilitate assistance to those in need.
Cryptocurrency has gained popularity as a fundraising tool in Gaza, particularly since Israel initiated a series of airstrikes on the territory. These airstrikes prompted Israel’s defense minister to call for a “complete siege” of Gaza, which would entail the severance of electricity, food, water, and fuel supplies to the coastal strip, home to approximately 600,000 people.
In such challenging circumstances, cryptocurrencies offer a means for individuals and organizations to raise funds and provide support to those affected by the conflict, highlighting the versatility of digital assets in a crisis.
Surprise Attack of Hamas on Israel and Then Retaliation
Over the weekend, there was a significant escalation of conflict in the region as hundreds of Palestinian fighters associated with Hamas, the militant group in control of Gaza, launched a surprise attack. They breached barricades that separate Gaza from southern Israel and attempted to take control of several settlements.
The Israeli government reported approximately 800 casualties among Israelis, with at least 150 individuals being taken hostage by the militants. These events mark a troubling intensification of hostilities in the region, with significant humanitarian and geopolitical implications.