'The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly,' said abornyakov. baidakova reports. FTX
that the balance sheet of FTX sister company Alameda Research held a surprisingly large amount of FTT, an exchange token issued by FTX. Soon after that, FTT tanked, spiraling a crisis of liquidity on the exchange and a collapse in the company's value.
Neither Ukrainian government nor FTX ever announced an investment event of any sorts. Such a move would have been extravagant for a nation fielding a full-scale military invasion from Russia using military and financial aid from the U.S., E.U., U.K. and other countries, observers have been quick to point out.
Ukraine, which raised hundreds of millions in crypto this spring, in addition to a traditional fiat campaign to support its military and civilian population, in March to cash out crypto donations and turn them into ammunition and humanitarian aid. FTX, along with the Ukrainian exchange Kuna, became a platform for turning crypto into actual goods for the nation at war., FTX was used as a platform for merchants, which would register an account and receive payment for their goods in crypto.
Chobanyan confirmed to CoinDesk that FTX role was limited to a fiat off-ramp: Kuna would send crypto their to get cash and pay for things the army needed.
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