The total of crypto donations to Ukraine since the beginning of the war with Russia has exceeded $ 70 million.
Ukraine's Crypto Donation Exceeds $70M
The total of crypto donations to Ukraine since the beginning of the war with Russia has exceeded $ 70 million.
The total of crypto donations to Ukraine since the beginning of the war with Russia has exceeded $ 70 million. According to Chainalysis data, the majority of donations were made with Ethereum. ETH donations amounted to $28.9 million, while BTC and Tether donations amounted to $22.8 million and $11.6 million. Some of the donations were made through NFT auctions for $6.1 million organized by UkraineDAO.
Ukraine's Deputy Digital Minister Alex Bornyakov said that about 80 percent of the total $70 million donated came in the first few months of the war. Stating that they purchased vital items through crypto, Bornyakov said, “If we had used the traditional financial system, these days would have taken place.”
Alona Shevchenko, co-founder of Ukraine DAO, also emphasized that cryptocurrencies provide a solution when restrictions are placed on the Ukrainian central banking system. The vast majority of crypto payments to the country were used to finance military equipment, armored clothing, vehicles and pharmaceuticals. Chainanalysis has found that Ukraine is the third largest adopter of cryptocurrencies after Vietnam and the Philippines.
Pro-Russian groups also organized cryptocurrency donation campaigns. Russian military groups raised $5.4 million during the war. On the other hand, according to Chainalysis, most of the $457 million ransomware attacks in 2022 were carried out by Russia-based actors.
The earthquake disaster in Turkey brought the importance of crypto donations back to the agenda. Nearly 130 million dollars of crypto donations were made to Turkey.
