Over $4,000,000 Worth of Crypto Donations Pour Into Ukraine in Two Days, According to Blockchain Analytics Firm
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A top crypto firm says non-governmental organizations (NGOs) and volunteer groups have raised $4.2 million worth of crypto donations for Ukraine in the two days since Russia launched an invasion into their neighboring country.
According to the blockchain analytics and compliance firm Elliptic, one NGO received a $3 million donation in Bitcoin (BTC) on Friday.
One of the Ukrainian NGOs receiving crypto donations, called “Come Back Alive,” was suspended by the membership platform Patreon for supporting military activity with its donations.
“The group now provides a range of military equipment, training services and medical supplies. It even funded the development of a drone-based reconnaissance and targeting system for Ukrainian artillery units.”
The analytics firm speculates the Patreon suspension may have driven an increase in Bitcoin donations.
Additionally, a new Ethereum-based token project, Help Ukraine, was launched on February 24th to provide crypto donations to the country. The project has been pledging Ethereum (ETH) to a fundraiser titled “Support Ukrainian Sovereignty,” which says it will distribute funds to various Ukrainian charities.
Sam Bankman-Fried, the billionaire founder and CEO of FTX, says on Twitter that his exchange has donated $25 to every Ukrainian on FTX. It’s unclear if Elliptic’s crypto donation tracking has taken that development into account.
Elliptic also notes that it appears crypto scammers have been attempting to siphon funds away from legitimate charitable organizations by mimicking tweets and links from actual relief efforts.
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Featured Image: Shutterstock/ZinetroN/Andy Chipus
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