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Military Group of Ukraine Receives Over $400,000 in Crypto Donations Following Russian Invasion

UTC by Darya Rudz · 3 min read
Military Group of Ukraine Receives Over $400,000 in Crypto Donations Following Russian Invasion
Photo: Shutterstock

The average amount donated is around $1,000 to $2,000. The group has received at least 317 individual donations in the past two days.

The whole world is praying for Ukraine that faced a large-scale attack from Russia yesterday. In order to support Ukraine, people all over Europe take to the streets, protesting against Russia’s invasion, and countries are imposing sanctions against Russia. Besides, the Ukraine Military Group receives donations, including those made in crypto. According to blockchain analytics firm Elliptic, on Thursday alone, $400,000 in Bitcoin (BTC) was donated to Come Back Alive. This Ukrainian nongovernmental organization provides support to the armed forces.

Crypto Donations for Ukraine

The average amount donated is around $1,000 to $2,000. The group has received at least 317 individual donations in the past two days. Notably, before, the funds raised by the organization were not that significant.

Jess Symington, Elliptic’s head of research, said:

“This group provides support to the Ukrainian army by supporting their soldiers. They’ve received very, very small amounts of donations since August 2021 – not very much at all; maybe like $4 or $5K a month. And then suddenly it just shot up starting about the 22nd of February.”

Tom Robinson, chief scientist of Elliptic, added:

“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments.”

Last week, the Ukrainian government passed a bill to legalize cryptocurrencies. The approval became the first step in establishing a framework for the regulation and management of digital assets. The crypto donations received by the Ukraine Military Group so far will go for a variety of purposes, including military equipment for the army, medical supplies, and drones.

On Wednesday, Ukraine’s Ministry of Defense also created a designated bank account to accept donations for Ukranian troops. Now, only fiat currency can be received. Crypto donations are not yet available even via other payment systems, like PayPal.

Russian Invasion’s Impact on the Market

With the escalating of Russian-Ukranian crisis, tough time is coming for markets.

The first impact is already seen through energy markets. Oil prices soared by 7.5%, topping more than $100 a barrel for the first time since 2014, on concerns that the crisis in Eastern Europe could disrupt Russian supplies of crude. Russia is responsible for about 12% of the world’s oil supply and provides about 40% of gas to the European Union. Most of that fuel is delivered through pipelines, including in Ukraine, according to Eurasia Group.

Investors are worried about other sectors as well. US stocks fluctuated wildly yesterday. Before the US President Joe Biden imposed sanctions on Russia, major stock market indexes were tanking. However, following the sanctions, they recovered. The Dow Jones Industrial Average (DJIA) closed up 92.07 points, or 0.28%, at 33,223.83. The S&P 500 index increased by 63.2 points, or 1.50%, to 4,288.7. Further, the Nasdaq Composite added 436.10 points, or 3.34%, to close at 13,473.59.

Bitcoin News, Cryptocurrency news, Currencies, Editor's Choice, Market News
Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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