As everyone looks toward tax time, we wanted to provide an update for those who participated in our 2022 donation drives for the
25 Mar 2023, 01:59
As everyone looks toward tax time, we wanted to provide an update for those who participated in our 2022 donation drives for their records. First and foremost, we encourage you to speak with your licensed tax professional on any and all questions and implications of donations made. This is purely informational and should not be taken as financial, tax, or any other kind of advice.
The first donation drive was with YGG for Typhoon Odette relief in the Philippines. A total, including the match from DeFi Kingdoms, of $441,000 was donated.
The second drive was for UNICEF, going to aid children around the world. At the close of the campaign, we had collected $81,385.63. These funds were unfortunately impacted by the market volatility at the time, and then by the Harmony Horizon Bridge Hack. But, in order to ensure the full value and spirit of the donation at the time of closing is represented, our intent has been to draw on the DeFi Kingdoms project wallets to supplement those funds back to the $81,385.63 that was collected at the end of the drive.
That donation has been on hold, waiting for Harmony recovery plans in the hopes of 1USDC regaining value and bridges reopening. Additionally, with the 1USDC bridges closing shortly after the hack, the funds were not able to be moved without additional trades. At that time, Harmony had also backed out of their agreed upon grant, which was intended to be the source of funds for the match of this drive.
With the lack of recovery plans, and in order to close this out before the tax season, we are, at this time, officially proceeding with the donation and will be sending the funds in total of $81,385.63 to UNICEF.
We have been in discussions with our legal counsel in regards to this situation, to ensure that everything is done properly. We are finalizing the details on how to safely recover the donated funds from the Harmony blockchain, and as soon as that is complete, the donation will be made.
We appreciate everyone who participated in these drives. If you’re interested in a detailed breakdown, as well as transactions for reference, please see the full attached document.
If you have any questions for us, please submit them to and we will ensure we address them in next week's AMA.