On Friday, a twitter user by the name of @Rx_Deyholar, stated that Feminist Coalition withdrew $51,000 worth of Bitcoin from their donation wallet on the 5th of this month silently
The tweet seemingly assumed that the withdrawal was done secretly and without accountability.
This generated a stir on Twitter with users demanding to know why the withdrawal was done “secretly”
Feminist Coalition is a not for profit organisation that rose to prominence during the #EndSARS protest last year. The organisation provided a crowdfunding platform to collect monies for the #EndSARS protest.
Feminist Coalition stopped collecting monies for the #EndSARS protest on the 22nd of October 2020 and gave an account of the monies received and disbursed (in Naira) as seen below.
- Total received = ₦147,855,788.28 (includes donations in USD, CAD, GBP, EUR, GHS, KES, and BTC)
- Total disbursed = ₦60,403,235.00
- Total left = ₦87,452,553.28
The organisation has now responded to the allegation on Twitter giving an explanation.
The Feminist Coalition issued a statement to explain the Bitcoin transaction. See below:
The Bitcoin Transaction Explanation by Feminist Coalition
A transaction initiated on November 16th, 2020 from the Feminist Coalition wallet address was confirmed on March 5th, 2021, at 15:07. The transaction showed a transfer of 0.90831937 BTC to another wallet.
https://www.blockchain.com/btc/tx/1fcdb5645f75850654784a818cc29cab4dd52dc87ba85f9905a65a9cf344a16a
This transaction was part of a sale of 7.21958757 BTC for NGN 57,590,000 with a third party. Feminist Coalition received the proceeds of the sale between November 16th and December 1st 2020. The delay in confirming the BTC transaction until March 5th 2021, was due to the meagre Bitcoin network fees chosen. People with knowledge of cryptocurrency transactions understand that this is not uncommon. The Bitcoin network has been clogged for the last few months.
We chose to use the cheapest fees possible to ensure we spent the maximum possible donations towards our mission, rather than operating expenses/transaction fees.
We sent the BTC in two transactions, one from our BTCPay server and one from our public wallet address. See trail below:
0.90831937 BTC Transaction – https://www.blockchain.com/btc/tx/1fcdb5645f75850654784a818cc29cab4dd52dc87ba85f9905a65a9cf344a16a
6.3112682 Transaction – We cannot share this because donors donate through BTCPay on the assumption that their addresses will be kept private. Sharing the transaction hash will disclose the addresses of those donors.
The bitcoin was sold in two batches – on November 16th and November 29th 2020:
In total, we received NGN 57,590,000 in 6 transfers:
The blockchain trail above gives credence to the Feminist Coalition’s transparent use of funds. Understanding that the public is still new to cryptocurrency nuances and blockchain technology makes it incumbent on us to provide this clarification.
The statement was signed by members of the organisation below:
- Damilola Odufuwa
- Odunayo Eweniyi
- Layo Ogunbanwo
- Ozzy Etomi
- Ire Aderinokun
- Fakhrriyyah Hashim
- Oluwaseun Ayodeji Osowobi
- Jola Ayeye
- Laila Johnson-Salami
- Karo Omu
- Obiageli Ofili Alintah
- Tito Ovia
- Kiki Mordi
- FK Abudu
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