Crypto community embraces Ukraine with $4M in donations

TL;DR Breakdown

• A Ukraine-based NGO in Kyiv has received $4 million in Bitcoin donations.
• FTX cryptocurrency exchange donates $25 to every Ukrainian account holder.

The ongoing Russia-Ukraine conflict has been simmering for decades. However, earlier this week, Russia announced that there was no prospect of peace, and it began an invasion of Ukraine. On the other hand, cryptocurrencies are a new element to the global world order. The current war has demonstrated the untapped potential of decentralized finance.

Crypto donations into Ukraine

Ukraine’s non-governmental organizations and volunteer groups have collected more than $4 million in crypto donations following the invasion. On Feb 24, one organization received almost $675,000 in Bitcoin. It also received more than $3.4 million on the 25th.

An unknown donor provided a single bitcoin donation worth over $3 million. Donors made crypto contributions to a group that backs the Ukrainian military. The funds raised by these organizations since the start of the war now total more than $4 million.

Bitcoin donations have aided the National Guard of Ukraine as part of its anti-Russian war campaign. The money was sent to the organization Come Back Alive, which was established in 2014 during Crimea’s annexation by Russia.

The group’s Bitcoin wallet currently contains 110 Bitcoins, valued over $4.2 million. The wallet previously held 4.5 Bitcoin, worth around $171,000, before the Russian invasion began on Feb 23.

It’s worth noting that volunteer organizations have played a significant role in the Russo-Ukraine conflict over the last decade. Earlier, these groups received millions of dollars from private donors through centralized bodies like banks.

However, Bitcoin and other crypto-assets have emerged as a viable alternative funding source. They allow for quick, international donations that avoid traditional financial institutions’ red tape and restrictions because they are decentralized. The decentralization of crypto coins indicates that governments will have a hard time regulating them.

The group named Come Back Alive has given tremendous support to the Ukrainian military. It provided bullet-proof vests, weapons, training services, and medical supplies for the troops. Other pro-Ukrainian groups have also requested cryptoasset donations through launching an NFT collection. These organizations claim that some of the sales proceeds will be donated to Come Back Alive.

The bulk of the newest crypto donations acquired armors and guns for the defense of Kyiv, as well as thermal imaging equipment and 25 helicopters.

The crypto advantage

The Ukrainian people, including their military and civilian leaders, receive worldwide support. Nadya Tolokonnikova, a prominent opponent of the Russian government and co-founder of the protest performance group Pussy Riot, launched UkraineDAO with Trippy Labs and members of PleasrDAO.

The goal of the DAO is “to use the power of web3 technology and community to raise money for Ukrainian civilian organizations that are assisting people who have been or are presently in danger.”

Over the last year, a Ukrainian organization – Cyber Alliance – has received Bitcoin, Ether, Litecoin, and a combination of stablecoins worth approximately $100,000. The group comprises Ukrainian cyber defenders who safeguard Ukraine’s cyberspace while countering Russian hackers.

Furthermore, FTX, one of the world’s most popular cryptocurrency exchanges, donates $25 to each Ukrainian user. The company’s CEO confirmed the news by posting it on his personal Twitter account. This is the latest example of the worldwide crypto community’s support for Ukraine’s fight against Russian aggression.