Crypto will save Ukraine: Donations reached an all-time high

• Ukraine was recently reported to have received as much as $12 million in cryptocurrency donations.

• Donations have gone directly to the Ethereum account of the Ukrainian government.

Live Bitcoin News previously reported on the large amount of bitcoin and cryptocurrency donations received by Ukraine, which are now supposedly being used to support the country’s military and provide citizens with the supplies they need to fight back.

Ukraine receives a $12 million crypto

Ukraine was recently reported to have received as much as $12 million in cryptocurrency donations. Donations have gone directly to the Ethereum account of the Ukrainian government.

According to data from blockchain analysis firm Elliptic, the country has now raked in a stunning $34 million. Much of the money comes through bitcoin and Ethereum donations, according to the company’s chief scientist Tom Robinson, however, some of it comes from non-fungible tokens (NFTs).

The money began to arrive around two weeks after the government published a plea on Twitter and other forms of social media. Individual donations of up to 30,000 dollars have been offered to the people of Ukraine, with numerous donations exceeding $1 million.

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Gavin wood keeping his word

In a social media post, Wood stated that he would provide the money, and it appears that he is keeping his word.

Gavin Wood, the co-creator of Ethereum and the inventor of Polkadot, has made one of the largest single gifts to date. He has already handed Ukraine more than $5 million in DOT (the official Polkadot cryptocurrency). The country’s official DOT wallet currently has almost $6 million in cryptocurrencies.

The world watched in horror as the Russian military assembled at Ukraine’s border not long ago. Despite promises from the US and its allies of sanctions and other types of retaliation, Russia pressed forward with an invasion, marking the first time in several years that Russia attempted to enter land it did not own.

Even if the risk is high, not everyone believes it is doom and gloom. For example, Tom Lee of Fundstrat is bullish on the concept of Ukraine asking for cryptocurrency donations.

He stated on social media that Ukraine was not asking for US dollars or any other fiat currency. Rather, it was looking to crypto to help it complete its tasks.

After Moscow launched a large-scale offensive against Ukraine early Thursday, Bitcoin donations to the Ukrainian army have risen.

According to statistics from blockchain analytics firm Elliptic, approximately $400,000 bitcoin was donated to Come Back Alive, a Ukrainian nongovernmental organization that supports the armed forces, in a 12-hour period on Thursday.

According to Elliptic, the new round of crypto donations builds on a trend seen in previous weeks, in which hundreds of thousands of dollars have rushed into Ukrainian NGOs and Attempts by volunteer groups to ward off a Russian invasion.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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