Crypto users rally behind Ukraine

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Updated February 28, 2023 | Published February 28, 2023

2 mins read

The beleaguered nation has received 40 times more crypto donations than the Russia which began the invasion.

An estimated $212m has been raised by various crypto actors and private persons from across the world to help Ukraine against Russia, since the war began in February 2022.

A report by Elliptic has tried to gauge the contributions of the cryptocurrency community.

While fears have been that Russia would skirt Western-led sanctions and use cryptocurrency to fund its war against its smaller neighbor, the opposite seems to be happening.

Belarus, a Russian ally, has only been able to raise $700,000 in donations, compared to the $212m that Ukrainian supporters have raised.

These funds were raised in a variety of forms, not just cryptocurrency the report suggests.

Ukraine has also been successful in winning the information war against Russia and won more support globally. The country has used both defi and NFTs to support both its relief and military efforts.

The most common cryptocurrencies used to donate to Ukraine, and partially to Russia, have been Ethereum, Bitcoin, USDT and USDC.

The analytics firm detailed how the funding has been done, with many campaigns seeking to harness core developments in the ecosystem, including pre-paid crypto cards and decentralized finance.

Russia has similarly attracted a fair bit of support, but nothing like the amounts seen in Ukraine with only $4.8m in total funds forwarded to support its military effort.

In fact, 10% of the money that has been forwarded to Russia is said to come from illicit sources, Elliptic said in the official blog post.

The Ukrainian government has been particularly successful with the use of non-fungible tokens and decentralized autonomous organizations and has been behind projects that have raised $83.3m in direct funding this way.

As the conflicts drags into its second year, these donations are likely to continue.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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