Friday, October 7, 2022

Ukraine Has Received Crypto Donations Worth Over $54M

As the war between the Russian Federation and Ukraine surmounts, the latter has continued to receive donations in cryptocurrency, especially in Bitcoin (BTC) and Ethereum (ETH). According to reports from Elliptic, a UK-based crypto data analysis provider, a total of $54.7 million has been given to the Ukrainian Government and an NGO, Come Back Alive, which has been at the forefront of providing relief aid at this crucial time.

In a report on the 18th of February, the Ukrainian government had announced that they are now legalizing crypto. Also, recently, shortly after the war was declared on Ukraine by Russia, a statement was issued on their official Twitter account, notifying the public that they are now accepting donations in the form of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Polkadot ($DOT). The crypto ecosystem has responded generously to this call, accounting for the massive funds raised thus far.

Out of the $54.7 million donations given in crypto, the government of Ukraine has received $48 million directly from the fund, and the rest has gone into the account of the Come Back Alive NGO. This organization has been instrumental in helping the Ukrainian military with pushing through for the war.

According to the Elliptic report, Ukraine has received over 99,000 crypto assets donations in Ethereum, Bitcoin, Solana, Dogecoin, TRON, and Polkadot. The founder of Polkadot, Gavin Wood single-handedly donated a sum of $5.8 million, in fulfillment of a promise he had publicly made.

The details of the contributions made are; Ethereum; $18.2 million, Bitcoin; $17.2 million, other coins: $9.5 million. The donations include a sum of $1 million in tether which was given by an anonymous user.

NFTs are not left out in the donations, according to the report, a CryptoPunk Non-Fungible Token with value worth over $200,000 was credited to the ETH account of the Ukrainian government. Also, a Julian Assange NFT valued at $1.86 million is believed to have been donated too.

In the midst of the dire situation and charity donations for Ukraine, scammers are also on the loose, taking advantage of the war to perform their fraudulent activities. There are records of some of these criminal activities, according to Elliptic. 

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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