Over $4 Million in Crypto Crowdfunded for the Ukrainian Military: Elliptic

By: Benson Toti
Benson Toti
Benson is a News Reporter at Invezz handling breaking news, interviews and market analysis. He made his first investment… read more.
on Feb 25, 2022
  • Russia invaded Ukraine this week, after months of tensions.
  • Over $3.4 million in crypto has so far been donated on Friday, 25th February, according to Elliptic
  • The total donations stand at over $4 million in crypto, with one donor sending $3 million (80 BTC)

More than $4 million worth of crypto donations has been made towards a crowdfunding effort for the Ukraine military.

The donations started pouring into NGOs and volunteer groups following Russia’s invasion, and according to London-based blockchain analytics firm Elliptic, the amount of money put into these efforts has now jumped exponentially a day after the war started.

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Data provided by Elliptic shows that more than $675,000 in Bitcoin (BTC) was donated on 24th February, hours after Russian forces attacked. On Friday, 25th February, over $3.4 million had been received by NGOs, with over $3 million (80 BTC) received from one donor.

The 300% spike in donations on Friday means the total has surpassed the $4 million mark.

Crypto is ‘quick’ and borderless

According to a report on the crowdfunding effort, volunteer groups have turned to Bitcoin and other cryptocurrencies. Unlike bank wires and payment apps, crypto offers a “quick, cross-border” avenue through which to raise funds.

Crypto also helps bypass potential setbacks like funds being blocked by financial institutions, the report added.

Come Back Alive’ helping with military equipment

The NGO Come Back Alive is reportedly using the funds to provide military equipment and medical supplies. It has also worked with Ukraine’s army by supporting training services and other aspects meant to help the cause against Russia’s invasion.

In other news related to the Ukraine situation, the CEO of cryptocurrency exchange FTX has said that the company gave each Ukrainian account holder $25. Although Sam Bank-man Fried did not reveal just how much the exchange used, the crypto community has lauded the gesture as a good start.

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