Bitfinex and Tether Donate 25 BTC to Aid El Salvadoran Families Hit by Gang Violence

In collaboration with USDT issuer Tether and cryptocurrency exchange Bitfinex recently launched a digital assets fund and donated more than $1 million in bitcoin to help families in El Salvador who are still affected by gang violence.

Crypto Relief Fund Initiative is Now Bootstrapped with 25 BTC

Paolo Ardoino, Bitfinex’s chief technology officer (CTO), revealed that Tether teamed up to help El Salvadoran families affected by violence by “pandillas”, a Spanish term for “gangs”, in Central America.

Tether and Bitfinex created a cryptocurrency relief fund for victims. They also donated 25 bitcoins (worth more than $1 million at the time) to help bootstrap the initiative. According to Ardoino families in El Salvador need support from the crypto community.

A Bitfinex CTO stated in a statement

“Over the last months, I’ve seen many leaders from our community knocking at the president’s door, taking selfies, and publicly expressing support. Now is the time to get involved. Helping families affected with pandillas > purchasing jets and Lambos.

Ardoino encouraged people to donate crypto, and stated that firms would partner with local governments and community groups to ensure fair distribution.

A Bitfinex executive recently tweeted that close $2 million in BTC had been donated to El Salvadoran families who have been affected by gang violence.

Bukele uses tough measures to tackle gang violence

On March 26, 2022 in El Salvador, there were 62 people killed. The government blamed criminal gangs for the violence, which was the worst 24-hours of violence in nearly 30 years. The country’s parliament voted to declare a state emergency on March 27, 2022.

In April, President Nayib Bukele sent a letter informing that he would not attend the Bitcoin 2022 Conference due to “unforeseen circumstances” in El Salvador.

Bukele has, however, taken “severe” steps to curb the rise in gang-related violence within the troubled Central American country. The President of El Salvador posted on April 12 that more than 10,500 terrorists had been captured in the last 18 days.