Bitfinex, Tether Launch Bitcoin, USDT Donation Funds for Victims of El Salvador Gang Crime
The crypto exchange Bitfinex and the USDT issuer Tether have set up a crypto relief fund to aid the families of the people affected by the gang-related violence in El Salvador – although the government’s controversial crackdown on gang crime continues to intensify in the country.
The Bitfinex Chief Technical Officer Paolo Ardoino announced that “both companies” would “stand with the disadvantaged” and have donated USD 1m worth of bitcoin (BTC) in a bid to “bootstrap” the fundraising initiative, which will accept BTC as well as USDT on a number of blockchain protocols.
The CTO added that donated funds would be “deployed in collaboration with the local government and community groups and will be subject to strict monitoring to ensure fair distribution.”
El Salvador’s President Nayib Bukele took the time to personally thank Bitfinex and Tether on Twitter.
Bitfinex has been working with the Salvadoran government since late last year and its and Tether's parent company iFinex has been working with El Salvador officials on efforts to create crypto and securities regulatory laws in preparation for a (delayed) bitcoin bond issuance.
Part of the reason for the delay is almost certainly the eruption in “pandilla”-related gang violence. In response to perceived threats on innocent civilian targets as a result of Bukele’s crackdown on the pandillas, the President spoke of starving imprisoned gang members to death – much to the distaste of the international community.
Ardoino wrote that “since 2021, many influential crypto people and companies have applauded the heroic fight for financial freedom” initiated by Bukele, but remarked that it was “now time to act.”
He wrote:
“Helping families affected by pandillas [is more important than]
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