Ukraine has collected roughly $70M in crypto donations since the beginning of the conflict with Russia, according to a recent report by the blockchain analytics firm Chainalysis.
Most donations were made in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with 41%, 32.5%, and 16.5%, respectively.
Nearly 80% of donations came in the early months of the conflict.
- Financial Times claimed that the total amount of crypto donations could be as high as $200M, citing Elliptic’s data.
- Further donations in the form of NFTs have also been made, with $6.5M raised by UkraineDAO’s auction of a Ukrainian flag NFT.
- Ukraine uses crypto donations as funds for military equipment and humanitarian aid causes.
- According to Ukraine’s deputy digital minister, 60% of military equipment vendors accepted cryptocurrency in exchange for supplies used in war.
- Around 100 organizations supporting Russia have collected only $5.4M in crypto donations, less than 8% of those sent to support Ukraine.
Crypto was also recently used as a medium of donation for humanitarian aid causes in the earthquake affecting thousands of people in Turkey and Syria.
