Yesterday Russia and Ukraine invaded and the world reacted with shock. In general, Ukraine is left to its own devices, yet the crypto community appears to have been able to support the country financially. It is reported that several million dollars have already been made bitcoin (BTC) donated to Ukrainian volunteer groups and NGOs.
Bitcoin donations
According to an research by Elliptic large numbers of aid are being offered to Ukraine. An NGO, a non-governmental organization, reports that on February 24, just hours after the start of the invasion, they had already received at least $675,000 in bitcoin donations. A day later, this amount had risen to at least $3.4 million.
Elliptic states that this means more than $4 million in total has already been made cryptocurrencies has been donated to organizations in Ukraine. While this amount is obviously not enough to turn the tide, it does show that the crypto community is taking steps to help the country.
According to Elliptic, the organizations to which large-scale donations are made are crucial in the fight against the Russian occupier. Since 2014, these organizations have been committed to assisting the Ukrainian armed forces in every possible way and to help wounded civilians, for example.
Crowdfunding a war
Earlier this month Elliptic also announced that the conflict in Ukraine is being crowdfunded, as it were, by crypto donations.
“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments. […] Cryptocurrency is particularly suitable for international fundraising because it does not adhere to national borders and is censorship resistant – there is no central authority that can block transactions, for example in response to sanctions,”
It is said that not only Ukraine receives many donations. The Russian camp also receives a lot of crypto donations. For that reason, donating cryptocurrencies to two warring parties is seen as worrisome by governments. Crowdfunding a war can of course cause major problems.
–
