Ukraine Received $70M In Crypto During Russia Dispute

About one year ago, Russia invaded another country – Ukraine. Ever since then, they have donated approximately $28.9 million ETH.

In addition to it, Russia has also donated $11.6 million USDT and $22.8 million BTC.

Following the invasion of Ukraine by Russia, the former country has gotten about $70 million or more in crypto.

Due to this funding, they were able to provide for significant uses such as military and human welfare-related items. The numbers were figured out through research on the 24th of February.

They figured out that the funds were received mostly via cryptocurrencies, such as BTC and ETH. Their approximate figures were also revealed.

USDT and Bitcoin’s charity givers gave around $11.6 million and $22.8 million on an individual basis. The funds were received as non-fungible tokens as well.

One of the examples is the sale of the Ukrainian flag NFT which was purchased for $6.1 M by a bidder at an auction of UkraineDAO.

Crypto Donations Helped Ukraine Respond Quickly to Russian Invasion

The majority of the $70 million donation was received during the war’s initial months. The Russians were observing how Ukraine was tackling the issues by using crypto funding.

Alex Bornyakov is the deputy digital minister of Ukraine. On the 24th of February, he elaborated on the situation during an interview.

He said that it would have taken a much longer time if this process was done the traditional way. He added that because of cryptocurrency they could buy necessary items really quickly.

To his surprise, several sellers accepted crypto for purchasing items that were not anticipated by him. Moreover, he said that the funds provided to Ukraine through cryptocurrency were quite successful.

He was astonished to witness the number of donations that were given to the country by others.

In addition to it, he was also surprised by the way they were able to use the money so conveniently for the protection of Ukraine.

The co-founder of Ukraine DAO is known as Alona Shevchenko. She spoke about the current situation.

Shevchenko said that crypto was a lifesaver for them. This was because, amidst the problems, such as limitations on the central banks of Ukraine, it was quite helpful.

Apparently, the central bank of Ukraine imposed restrictions on transfers of foreign currency from or to Ukraine. This was in order to control the usage of Hryvnia.

Although, crypto proved to be quite beneficial since it could provide for the supporters’ requirements. At that point, there was nothing else that could be done so crypto was an absolute relief.

Crypto Funds Ukraine Military; Chainalysis Sees Growing Adoption

Fedorov is the current digital transformation minister and the vice prime minister of Ukraine. As per his tweet on Twitter, the majority of the funds received via crypto are utilized for military requirements.

These include their clothing, medicines, transport system, and types of equipment. The country of Ukraine has started to rely hugely on crypto, as is evident by its higher consumption of it for purchasing items.

According to research in the month of September, the country is the third highest users following the Philippines and Vietnam.

Although, military teams, who support Russia, are also utilizing crypto in order to spend on war-related expenses.

These expenses include the production of info regarding taking over as well as the circulation of false information, along with other things. This was revealed by a reliable source.

More than 90 groups have gotten approximately $5.4 million during the wartime period. Although, the funds have dropped ever since the month of July.

There is some lack of clarity regarding the effect of the law on the downtrend. Though, on the 24th of February, another sanction was established, which was not in favor of Russia.

While this was happening, as per research, hundreds of million from an amount of $456.8 million were given to Russian ‘actors’.

It has been revealed that this usually occurs due to political affairs.

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