Typhoon Yagi Results in Rising Causalities in Vietnam with $1.6M Damages

As Typhoon Yagi continues to devastate Vietnam, crypto giants Binance and KuCoin have pledged relief through token airdrops.

The death toll, which surpassed 250 on 13 September, saw over 820 injured and 82 missing.

The death toll has reached 350 since 16 September.

The typhoon, the strongest to strike Vietnam in 70 years, has caused an estimated $1.6 billion in damages, with 2,000 additional injuries reported from landslides and rain-related accidents.

Authorities have evacuated 53,000 people and relocated over 50,000 fishing vessels to safety.

Minister of Planning and Investment Nguyen Chi Dung predicts a potential GDP shrinkage of up to 0.35% in the next two quarters and a 0.15% reduction for the year.

Binance & KuCoin Airdrop Tokens for Support to Vietnam Typhoon Yagi Victims

Binance's charity division has pledged $1 million in BNB tokens to support typhoon victims in Vietnam.

Affected residents in 25 northern cities who completed proof-of-address (POA) registration by 10 September had received $50 in BNB tokens, while others who meet POA requirements by 30 September will get $20.

The initial batch of donations is set to be distributed on 16 September.

In addition, KuCoin will airdrop 10,000 KCS tokens, valued at approximately $80,000, to users in typhoon-stricken areas.

Eligible users, based on KYC verification and transaction activity from 1 August to 12 September, had received $20 in KCS tokens.

Distribution will commence on 18 September, with aid managed through KuCoin's backend and delivered as compensation credit vouchers that can be redeemed in the KuCoin app.

Crypto Donations in Times of Need

In 2021, cryptocurrency philanthropy surged dramatically, surpassing $500 million in the United States.

This rise reflects a shift in donor preferences and increased adoption by nonprofits.

Cryptocurrency has demonstrated its value as a vital tool for rapid crisis response, facilitating swift aid delivery.

Kim Grauer, Director of Research at Chainalysis, highlighted in 2023 that cryptocurrency offers a fast and efficient means of crisis assistance.

Its capacity for instant, cross-border transactions positions it as an ideal mechanism for raising and deploying funds quickly where they are needed most.