Supporters of war-torn Ukraine have reportedly donated over $225 million worth of crypto to the country in its fight against Russia.
Prominent companies and figures part of the digital asset industry, such as the world’s largest cryptocurrency exchange Binance and Tron’s founder Justin Sun, have also contributed to the nation’s efforts.
The Strong Start Followed by Stagnation
According to a Crystal Blockchain report (seen by CoinDesk), Ukraine has received almost a quarter of a billion dollars in crypto assets as donations since the start of the military conflict with Russia.
The authorities have used the funds to purchase ammunition, medical equipment, weapons, and other war supplies to continue resisting the Russian invasion.
It is worth mentioning that the largest chunk of the total contributions came in 2022, as they stagnated at the end of last year and the beginning of 2023. The country has received less than $10 million worth of crypto since May.
March 2022 was the most successful month in terms of donations when Ukraine racked up almost $100 million. February 2022 (when Russia’s President Vladimir Putin launched the “special military operation”) ranked second with over $30 million in digital assets.
Crystal Blockchain estimated that the most contributions ($83 million) came in the form of USDT. Ethereum (ETH) donations were second, comprising $79 million of the amount, whereas Bitcoin (BTC) ranked third ($41 million).
Ukraine’s crypto contributions significantly outpace the ones granted to Russia. The blockchain analytics firm Elliptic determined in March this year that pro-Russian forces and individuals have received less than $5 million worth of digital currencies.
Who Supported Ukraine’s Cause?
The war in the Eastern European country echoed across the globe and prompted many people and organizations part of the cryptocurrency ecosystem to support the Ukrainian efforts.
Binance donated $10 million worth of digital assets at the end of February 2022, explaining that the funds were split between organizations such as UNICEF, UNHCR, and the UN Refugee Agency.
Polkadot’s co-founder Gavin Wood sent over $5 million worth of DOT to Ukraine, while Tron’s founder Justin Sun contributed $200,000 in USDT.
Despite being born in Russia, Ethereum’s Vitalik Buterin also took the Ukrainian side, donating approximately $5 million in ETH. He also described the military conflict as a “crime against the Ukrainian and Russian people.”
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