Author: Felix, PANews
On January 8, local time, a severe wildfire occurred in the city of Los Angeles and surrounding areas, destroying thousands of homes and burning tens of thousands of hectares. So far, the fire has consumed over 15,000 acres of land, forcing nearly 180,000 residents to evacuate, with another 200,000 having received evacuation orders.
The rapidly spreading fire poses a threat not only to millions of California residents but also to several cryptocurrency companies and members of the crypto community. In fact, many have already lost their homes and possessions, including hardware wallets.
Southern California cryptocurrency companies and users affected
The wildfire has burned over 15,000 acres of land in Southern California, including major areas such as Pacific Palisades, Malibu, and Pasadena. In addition to residences, several cryptocurrency companies have also been affected.
The staff at the Santa Monica Bitcoin office is located just south of the ravaged Palisades and Sunset. Several Swan Bitcoin staff hosting the Pacific Bitcoin Conference in Santa Monica are also located south of the fire.
Blockchain service provider BlockDaemon is headquartered in Los Angeles, as is another cryptocurrency game developer, SuperVerse. The blockchain-based ID and tokenization company Spring Labs is based nearby in Marina del Rey. These companies reported significant losses, including the destruction of hardware wallets containing cryptocurrency assets.
Some companies have been luckier. So far, the Crypto.com Arena (a cultural landmark in Los Angeles) has not caught fire. The crypto entertainment venues DaBank (Hawthorne) and Jungla (North Hollywood) have also escaped the wildfires.
The wildfires have affected not only cryptocurrency companies but also cryptocurrency users, with some residents losing their crypto wallets in the fires. Crypto KOL Monty stated on the X platform that his 70-year-old aunt lost her apartment in the Los Angeles fires. Most of her savings were in cryptocurrency, but she lost her wallet and recovery phrase, and she had no backup. Comments indicate that her wallet primarily held Bitcoin.
Non-profit organizations are receiving cryptocurrency donations
To provide assistance to related individuals, some charities and non-profit organizations offering help locally are accepting cryptocurrency and stock donations.
The cryptocurrency donation platform The Giving Block launched an 'Emergency Response Fundraising Campaign' to donate to non-profit organizations actively assisting with Los Angeles wildfire relief efforts. The fundraising campaign allows the public to choose to donate cryptocurrency to seven different non-profit organizations.
These include the Los Angeles Fire Foundation, the Los Angeles Regional Food Bank, the Emergency Responders Children's Foundation, Global Empowerment Mission, the San Diego Humane Society, All Hands and Hearts, and Direct Relief.
During the fundraising campaign, the platform encourages the public to help as much as possible by donating cryptocurrency, stocks, DAFs (Donor-Advised Funds, which allow donors to establish a DAF account to receive immediate tax benefits and have advisory rights over the use of funds), or cards to organizations providing food, shelter, and medical services.
Another cryptocurrency-focused donation site, Givepact, shared details about foundations accepting cryptocurrency asset donations.
These include Baby2Baby (a charity dedicated to providing diapers and clothes for children from low-income families), the Wildfire Firefighters Foundation, the California Fire Foundation, the Los Angeles County Animal Care Foundation, and the California Community Foundation.
The platform states that the public can donate over 30 types of cryptocurrencies to these charities and non-profit organizations, including Bitcoin, Ethereum, Avax, Dogecoin, and others.
Prediction platform betting criticized as 'morbid'
Notably, a prediction platform faced scrutiny during the wildfire incident for its 'morbid' predictions, as several users created various prediction markets regarding the spread of the fire, when it would be controlled, and potential political resignations. One X user claimed, 'Betting on wildfires is morbid,' while another stated that betting on such a tragedy is 'undeniably shameless.' Some users even expressed concern that to succeed in their bets, gamblers might provoke more fires.
In response, the platform issued a disclaimer stating: "The devastating Palisades fire is such an event, where the platform can provide valuable real-time answers for those directly affected, something traditional media cannot do."