Bitcoin donations to Ukraine increase amid Russia-Ukraine war

New Delhi: With Russian President Vladimir Putin declaring a “special military operation” in Ukraine and the Russian forces using their power almost everywhere in the country, people started donating in cryptocurrency to the Ukrainian army to lend a hand of support. Reportedly, in the last 24 hours over $400,000 worth of Bitcoins have been donated to just one group.

A Ukrainian NGO named ‘Come Back Alive,’ associated with raising crypto funds for the Ukrainian army, received more than $400,000 worth of digital coins the previous day, as per the data Elliptic, a blockchain and crypto analytics firm.

The average amount of crypto donated is around $1,000 to $2,000. Besides, the group has received as many as 317 individual donations in the last two days, reported Fortune.

Furthermore, pro-Ukraine groups and pro-crypto communities on social media platforms including Twitter and Facebook have also contributed.

According to Elliptic, an increase in the donations of cryptocurrencies reveal that digital assets have “emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups.”

The analysis made by the firm shows that hundred of crypto-asset donations amounting to a hundred and thousand dollars have been made to these groups – increasing by over 900% in 2021.

Elliptic has recognised that several cryptocurrency wallets used by these volunteer groups and NGOs have collectively received funds adding to just over $570,000 – which is much more than the past year.

Moreover, the Ukrainian Cyber Alliance has earned close to $100,000 in Bitcoin donations over the previous year. Besides, Ukraine’s Ministry of Defence has set up a designated bank account to accept donations for its troops in legal currencies.

Notably, cryptocurrency prices have plunged in the past two weeks, owing to the fears of the Russian invasion of Ukraine and the crypto market has lost at least $150 billion in value since Putin ordered a military operation in Ukraine.

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