Ukraine govt gets $14 million in crypto donations so far after its plea for fund support: Report

The Ukrainian government had urged for crypto donations in a tweet on Saturday evening. “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT,” the tweet read.

The Ukrainian government and non-governmental organizations (NGOs) have raised $14.2 million in anonymous crypto donations till 4 pm Sunday, according to blockchain analysis company Elliptic. In fact, one NGO received $3 million in a single bitcoin donation. The Ukrainian government had urged for crypto donations in a tweet on Saturday evening. “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT,” the tweet read. The government had also shared the BTC, Ethereum and USDT addresses in the tweet for supporters to donate crypto.

According to a report by Elliptic in its blog published on Friday with live updates on donations, the addresses had already received $7.9 million across 11,494 transactions. This included a single donation worth $1.86 million that was supposedly originated from the sale of NFTs originally intended to raise funds for Julian Assange. Moreover, several million dollars in crypto donations were received by a Ukrainian NGO Come Back Alive that supported the military, as said in a previous Elliptic research. However, on Friday, the US-headquartered fundraising platform Patreon, which lets groups and individuals raise money from people, had reportedly said that it suspended Come Back Alive’s fundraising due to policy violations since the NGO aimed to support Ukrainian soldiers.

54.8 per cent of the donations received by the Ukrainian government and NGOs, as per Elliptic, were in Bitcoin while 33.4 per cent were Ethereum, 10.8 per cent stablecoins, and 1 per cent other. Separately, an Ethereum-based token project called Help Ukraine ($HUKR) was created on Thursday. According to Elliptic, the project has been donating Ethereum to a fundraiser called Support Ukrainian Sovereignty, which in turn has pledged to donate funds among various Ukrainian charities such as Support Ukrainian Sovereignty that claimed to have raised $281,769.

Ukraine has also found support from multiple crypto enthusiasts and entrepreneurs amid the current crisis. “I have talked to the embassy of @Ukraine to the @WTO and the embassy has replied to me in 5 mins that “the information you have is correct!” So all the addresses have been verified! Let’s do it! Don’t miss this chance!,” tweeted Justin Sun, Founder of Tron crypto.

“An opportunity to support Ukrainians here! Proceeds go to civilian efforts helping Ukrainians suffering from the war,” tweeted Ethereum founder Vitalik Buterin. “This feels like a turning point for fiat currencies globally. A country that is currently engaged in violent combat to preserve its sovereignty and freedom is publicly soliciting bitcoin and crypto donations. Hard to imagine just a few years ago,” said Anthony Pompliano, who owns early-stage fund Pomp Investments, in a tweet.

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