Ukraine Raises $225 Million in Crypto Donations, Outpacing Russian Military Fundraisers
Ukraine has received over $225 million in cryptocurrency donations since the start of Russia’s invasion, according to a report from blockchain intelligence firm Crystal Blockchain. Here are the main breakdowns of the key points:
1. Ukraine has raised billions of dollars in fiat currency, with $225 million coming from cryptocurrency donations alone.
2. The crypto donations have been used to purchase weapons, ammunition, medical equipment, and other essential supplies for the war effort.
3. Despite a stagnation in monthly donation amounts in late 2022 and 2023, support for Ukraine has remained consistent over the past year.
4. Humanitarian initiatives have received more donations than military fundraisers, with $134 million raised for humanitarian needs and $91 million for military-oriented campaigns.
5. The majority of crypto donations to Ukraine were made in the form of USDT, followed by ether and bitcoin, with smaller cryptocurrencies making up the rest.
In contrast, Russian military fundraisers have received much smaller amounts of crypto donations, estimated to be around $2 million. This is likely due to the low-profile nature of the fundraising efforts and the global condemnation of Russia’s actions.
Hot Take:
The significant amount of crypto donations received by Ukraine demonstrates the global support for the country in its conflict with Russia. It also highlights the growing role of cryptocurrencies in providing financial assistance during times of crisis. Meanwhile, the relatively small amount of crypto donations to the Russian military indicates a lack of international support and a more covert approach to fundraising.
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