Ukraine Shocks Crypto Community After Executing The First Governmental Rug Pull In History

March 3rd, 2022 - 12:20 PM EST by Brandon Wink

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Fedorov, Ukrainian Finance Guy, rug pulls ETH and the tweet canceling the airdrop.

Yesterday, people online who donated cryptocurrency to Ukraine were told that they would receive an airdropped "reward" for their involvement.


The tweet seemed to do wonders, as the number of people donating cryptocurrency skyrocketed in the following hours, leading to approximately 68,000 people looking forward to their airdropped tokens with 5,394.639 ETH donated in total, or about $15,598,566 USD.

ETH donated to the official Ukraine address.

This was still met with criticism by those who said that having the government spend the crypto it had just received on gas fees to send out an NFT to everyone would be counterproductive towards the purpose and movement.


Well today, the doubters appear to have been right all along after the airdrop reward was completely called off by Mykhailo Fedorov, First Vice Prime Minister and Minister of Digital Transformation, meaning that all of the cryptocurrency that had been donated since the initial tweet about an airdrop would still be taken and used by the Ukrainian government, but no tokens would be awarded to donors. Instead, Fedorov said they plan to announce NFTs to "support Ukrainian Armed Forces soon" and that they "DO NOT HAVE any plans to issue any fungible tokens."


This, subsequently, became what appears to be one of the biggest rug pulls in history based not only on the amount of people rug pulled at once, but also a first in that a sovereign nation was the one pulling the rug on the international crypto scene, creating intense reactions.


It's unknown if the "NFTs to support Ukrainian Armed Forces" mentioned by Fedorov will be airdropped in place of the initial "reward," but no details have been give just yet, so we'll update the story if anything else comes of it.


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