Over $17 million raised in crypto for Ukraine’s war effort

TR: DR Breakdown

• Ukraine receives over $17 million crypto donation
• The invasion of Russia in Kharkiv spikes groups of hackers

As a show of support for the war-ravaged nation, crypto enthusiasts worldwide have banded together to donate millions worth of cryptocurrencies to the Ukrainian government. The donations received by the Ukrainian NGOs and government through several crypto wallets have reportedly exceeded $17 million, according to blockchain data analytics firm, Elliptic. This is a heartwarming display of support for Ukraine, which has been struggling against Russian aggression in recent days.

Ukraine receives over $17m in crypto donations

Ukraine’s government started taking bitcoin donations on Saturday morning. We are “accepting cryptocurrency contributions now,” the official Twitter account for the country wrote in one tweet, which included Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) addresses. Mykhailo Fedorov, vice prime minister of Ukraine, published a similar statement via Twitter.

On Twitter, the Ukrainian government urged bitcoin contributions. In 13,670 transactions, about $10.6 million in funds were sent to the addresses mentioned in the messages. At the time of writing, the Bitcoin and Ethereum addresses had $4.3 million and $5.1 million respectively. This single payment of $1.86 million may have emerged from the sale of NFTs designed with the objective of fundraising.

Elliptic started that the Ukraine government was not only receiving crypto funding, but people were also making their contribution in Ethereum account inform of NFTs which approximately value $300 per one NFT.

Leading crypto exchange, Binance, pledged to donate $10 million to the Ukrainian government. The crypto community has long been sympathetic to the plight of Ukraine, and many individual donors have contributed to the cause in the past. However, this is the largest bitcoin donation to Ukraine to date. It is also one of the largest donations made in any form of cryptocurrency.

This outpouring of support from the crypto community comes at a crucial time for the country, which is currently in the midst of a major offensive against Russian-backed separatists in the east. The crypto donations can help the Ukrainian government keep residents safe and support their efforts against Russian aggression.