Ukraine sought cryptocurrency donations after being attacked by its eastern neighbor. This caused severe disruption to its financial systems. Reports indicating that $13 million worth digital assets had been sent to addresses provided by the community and others quickly prompted a swift response from the community.
Ukraine Seeks Cryptocurrency Help
After increasing tensions between the two ex-Soviet states, Russian President Vladimir Putin declared a “special military operations” against Ukraine just a few days back. He claimed that he wanted to free certain separatists.
Although he initially stated that his military would not occupy Ukraine or move towards Kyiv in its initial statement, this was exactly what actually happened over the next few days. The country’s capital is currently fighting for its survival and its citizens are hiding in bunkers or trying escape.
It is safe to say that there is no regular life in the country at the moment. Many locals tried to flee, flooding ATMs in an attempt to withdraw cash. However, the central bank had no choice but to restrict cash withdrawals and seize electronic transactions.
Reports began to surface indicating that cryptocurrency donations were being received by Ukrainian organizations. Soon after, the authorities of Ukraine asked for additional help via its official Twitter account.
Support the Ukrainian people. Accepting cryptocurrency donations Bitcoin, Ethereum, and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Ukraine / Ukrayina, (@Ukraine), February 26, 2022
Crypto to the rescue?
Many were skeptical about the validity of these wallets due to the constant disinformation from all sides. Vitalik Buterin, Ethereum’s founder, was born in Russia and stands openly against war.
He subsequently deleted the warning about the possible illegitimacy of the addresses and also supported another crypto-related group that aims to assist Ukrainians.
Justin Sun, founder of TRON, jumped onboard and stated that he was happy to announce a $200,000 donation in Tether.
I am happy to announce that my initial donation of $200,000 USDT to #TRON to Ukraine has been made. The Ukrainian people are not alone in fighting against the humanitarian crisis. @VitalikButerin @FedorovMykhailo @Ukraine Check my hash: https://t.co/q0a2xgaIwK
— H.E. Justin Sun (@justinsuntron), February 26, 2022
The most recent estimates by Elliptic, a blockchain analytics company, show that the Ukrainian government, NGOs and volunteer groups received almost $14 million in cryptocurrencies over the past few days.
Although the company stated that the median donation was $95, one anonymous donor sent BTC worth $3 million, according to recent reports.
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