Ukraine received $70 million in crypto donations since Russia declared war

Since Russia declares all-out warUkraine received a total of $70 million in crypto donations, excluding NFT sales.

Ukraine received $70 million in crypto donations since Russia declared war

According to the statistics of ChainalysisUkraine received a donation of $70 million in cryptocurrency. The majority of the relief money is donated in the form of Ethereum. In which, including 28.9 million USD worth of ETH, 22.8 million USD in BTC, 11.6 million USDT and the rest in USDC, DAI…

Crypto donations received by Ukraine. Source: Chainalysis.

In addition, the Ukrainian government raised money through the sale of NFTs. Picture NFT Auction Ukrainian flag of UkraineDAO was conducted for $6.1 million.

About 80% of the total $70 million was raised in the first few months of the war. Deputy Minister of Digital Transformation of Ukraine – Alex Bornyakov said in an interview with Yahoo Finance:

“If using the traditional financial system, it would take days. However, if through crypto, we will quickly have money to buy the necessary items. The amazing thing is that about 60% of the goods suppliers accept cryptocurrency payments in Ukraine.”

Alona Shevchenko – co-founder of Ukraine DAO believes that cryptocurrencies have provided the optimal solution when the Central Bank of Ukraine system faces many limitations in the context of war:

In the context of the central bank suspending trading activities, cryptocurrencies gradually become an effective tool for the international community to help Ukraine. Because of that, Ukraine has continuously promoted crypto adoption here. According to another study conducted by ChainanalysisUkraine has the third highest crypto adoption rate in the world, behind only Vietnam and the Philippines.

In addition, Russian military groups often use crypto to raise capital from the community, to purchase military equipment or to conduct communication activities. There were 100 organizations that donated a total of $5.4 million during the war. However, the relief has started to decline significantly since July 2022.

The crypto donation Russia received. Source: Chainalysis.

As Kyptos reportedOn February 26, Ukraine’s official Twitter account issued a call to the global people to give strength to fight back against Russia. Accordingly, the government also posted wallet addresses for the community to donate in crypto.

Until March 2nd, Ukrainian authorities again announced that they will airdrop for those who participate in fundraising through the Ethereum network, causing the amount of money mobilized to increase sharply.

But after only a day, Ukraine suddenly canceled the airdrop and replaced it with a plan to sell NFTs after the launch Conspiracy to impersonate the issuance of fraudulent tokensmaking many people feel discontented.

Synthetic Kyptos

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