Ukraine’s Struggle: A Crypto Lifeline of $225M in the Fight Against Russian Aggression

Jul. 28, 2023
Ukraine’s Struggle: A Crypto Lifeline of $225M in the Fight Against Russian Aggression

Confronted with an unwavering invasion from Russia, Ukraine has been engaged in a valiant struggle on various fronts, and the global community has responded to its plea for assistance with remarkable and unparalleled support. An eye-opening report from Crystal Blockchain, a blockchain intelligence firm, reveals that the financial aid Ukraine is receiving in crypto assets is genuinely extraordinary.

Crypto Donations Skyrocket: Ukraine’s Treasure Trove

After Russia’s full-scale invasion, Ukraine has been receiving an incredible $225 million in crypto asset donations. These funds have played a crucial role in obtaining essential supplies, such as weapons, ammunition, and vital medical equipment. Thanks to this support, Ukraine stands its ground against the aggressor, showing remarkable determination and strength.

Crypto enthusiasts around the world have shown incredible generosity. They have been donating consistently every month, leaving people amazed. The peak of global solidarity happened in March 2022, with a huge surge in contributions. Since May of the same year, monthly crypto donations have remained stable at around $10 million. This shows the lasting support they provide to different causes.

Surprisingly, charitable efforts received more crypto donations than campaigns focused on the military. The organization managed to collect $225 million in crypto assets. They decided to use a substantial amount of $134 million to help the people affected by the war and their urgent humanitarian needs. Additionally, they set aside $91 million to support Ukraine’s armed forces in strengthening their capabilities.

Delving into the world of crypto assets contributions, most support arrived in USDT (Tether), totaling an impressive $83 million. Ethereum claimed the second spot, with generous donations amounting to $79 million, followed by Bitcoin, making a substantial contribution of $41 million. Smaller crypto assets, such as Binance USD (BUSD) and Polkadot’s DOT, rounded up the remaining contributions.

On the other hand, Russia’s military and paramilitary groups have started using crypto fundraising too. But they have kept their activities mostly secret from the public. According to Crystal’s data, the donations in crypto to the Russian military were only around $2 million.

However, some estimates even suggest a higher amount. In February alone, Chainalysis reported $5.4 million in donations, which were used to support Russian military units and propaganda efforts.

The international condemnation of Russia’s actions and the covert nature of its fundraising activities account for the stark contrast between the sums raised for Ukraine’s defense and Russia’s war efforts. Leading crypto asset exchange Binance identified over $7.2 million in donations to Russia, hinting at a potential clandestine support scale.

Ongoing fighting shows how crypto is more than just money. People using crypto around the world are standing together to help Ukraine in tough times. It brings everyone together during difficult situations.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.