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Ukraine’s Crowdfunding Crypto Effort Exceeds $20 Million

The donations made in crypto to Ukraine after the invasion of Russia have surpassed $20 million.

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Photo by twenty20photos

The cryptocurrency donations made to Ukraine after Russia’s invasion have exceeded $20 million, per Elliptic, a blockchain analysis platform.

In a blog post tracking the donations, Eilliptic said “The Ukrainian government, and NGOs providing support to the military, have raised $20 million through thousands of cryptocurrency donations since the start of the invasion.”

It also noted that an NGO, in particular, received one single Bitcoin donation alone that’s worth $3 million.

The Ukrainian government announced just earlier this week that they are “now accepting cryptocurrency donations” on Twitter, in a tweet that shared both a Bitcoin and Ethereum wallet address.

These 2 addresses have, according to blockchain records, received approximately $4.6 and $5.6 million respectively.

Decrypt was informed by Elliptic that the shortfall arrived from an additional $3 million which was sent to a TRON address, and the NGO titled Come Back Alive, which has raised $7.2 million to date.

Crypto donations have been flooding Ukraine from all angles, including but not limited to new DAOs or decentralized autonomous organizations.

UkraineDAO for instance was announced just earlier this week by the founding member of the “conceptual protest art group” Pussy Riot, Nadya Tolokonnikova.

“Our goal is to raise funds to donate to Ukrainian civilian organizations who help those suffering from the war that Putin started in Ukraine,” she tweeted. When speaking with Decrypt, she further remarked that this is “much bigger than all of us, it’s a pure gesture of solidarity.”

More sources of donated income also include a fundraiser titled Support Ukrainian Sovereignty. It claims to have raised well over $280,000 to date. According to Elliptic, the funds it has received are from a separate Ethereum token project titled Help Ukraine (or $HUKR).

Elliptic did make it a point to warn people about scammers that “appear to be taking advantage of the current situation.” This is despite the fundraising platforms being used legitimately in order to send Ukraine the funds it needs.

The blog post adds “Elliptic has identified a number of fraudulent crypto fundraising scams, exploiting the current situation.”

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