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Ukraine Amasses $17M in Cryptocurrency Donations in War Started by Russia

| Updated
by Babafemi Adebajo · 2 min read
Ukraine Amasses $17M in Cryptocurrency Donations in War Started by Russia
Photo: Shutterstock

Within 24 hours, more than $10 million were donated directly to the crypto wallets posted by the Ukrainian government.

After soliciting cryptocurrency donations via a tweet, the Ukrainian government now raised over $17 million, according to data from Elliptics. The government beckoned on the cryptocurrency community to stand with the people of Ukraine.

The government said that now they are “accepting cryptocurrency donations. Bitcoin, Ethereum, and USDT.” Vice Prime Minister of Ukraine, Mykhailo Fedorov, also issued a similar call via his Twitter account.

Likewise, Olexander Scherba, former Ukraine’s ambassador to Austria announced via Twitter that Bitcoin is now legit in Ukraine, calling on those who want to help.

Crowdfunding through Cryptocurrency Donations

Within 24 hours, more than $10 million were donated directly to the crypto wallets posted by the Ukrainian government.

These donations were made over 13670 transactions including a single donation of $1.86 million. The $1.86 was transferred to the sale of NFTs originally intended to raise funds for Julian Assange.

Some NGOs have also embraced a similar course of action. Top on the list is Come Back Alive which has reportedly received over $6 million in BTC donations.

So far, the Ukrainian government and NGOs have received donations amounting to $17.2 million. Bitcoin and Ether have been the primary mode of donation, although there have also been some USDT donations.

NFTs and DAOs too

Beyond cryptocurrency donations, Elliptics noted many people are also sending NFTs. The company wrote:

“People are also sending NFTs to the Ukrainian government’s Ethereum account. One such NFT has a value of approximately $300,”

A UkraineDAO has also been established to raise donations for Ukrainian soldiers. It’s proved hugely successful in attracting funds over up to $3 million.

UkraineDAO plans to donate the funds to the Ukrainian soldiers through ‘Come Back Alive’. The push for cryptocurrency donations comes in handy, as a means of unregulated crowdfunding.

Recently, Patreon blocked Come Back Alive stating the NGO violated its policies. It said:

“Patreon does not allow funds raised on the platform to be used to support violence or purchasing of military equipment.”

The company highlighted relevant sections of its website pointing to financing and training military personnel. Many have since disagreed with the company.

Ukraine DAO will donate primarily to the military but also plans to give to NGO Poliska and perhaps the Red Cross. “If you don’t stand up for our army right now, we will have no civilians to help,” said Ukraine DAO, explaining its stance,

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Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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