Russia-Ukraine Update: Over $5M in Bitcoin (BTC) Raised To Help Ukrainian Army

Ashish Kumar
February 26, 2022
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Russia-Ukraine Conflict

Cryptocurrency donations have been pouring for Ukrain ever since the start of the Russian invasion. People around the world are donating Bitcoin to provide support to Ukrainian soldiers. According to OKLink, the official Ukrainian Bitcoin donation address has received a donation of 136.47BTC.

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Over $5 M of BTC donations so far

Russia declared war on Ukraine on Thursday and since then ‘Come Back Alive’, a Kyiv-based foundation providing support to the Ukrainian army has raised over $5 million in Bitcoin. It is being reported that the group’s fundraising page on Patreon has been removed.

As per the data, the wallet appears to have received 136.47 BTC (approximately $5.3 million) in over more than a thousand donations and still counting. The wallet still holds 132.4 BTC while 80 Bitcoins have been the maximum amount received.

Over the years, these volunteer groups have played a vital role in the Russia-Ukraine conflict. These organizations provide support to Ukrainian soldiers by offering additional resources like military equipment and medical supplies.

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Choosing Crypto over Banks

These groups used to receive funds from donors via bank wires or other payment apps. However, Cryptocurrency has emerged as an important alternative for crowdfunding as it is quick and allows cross-border donations.

Meanwhile, the Ukrainian Ministry of Defense has clarified its stand over these kinds of donations. They said that it will not accept Crypto donations directly,

Ukrainian Government’s website states that “national legislation does not allow the Ministry of Defense of Ukraine to use other payment systems (‘Webmoney,’ ‘Bitcoin,’ ‘PayPal,’ etc.).”

However, Ukraine has been making development towards the adoption of the cryptocurrency ecosystem. Recently, the Ukrainian parliament passed a bill to legalize cryptocurrencies.

Earlier, FTX CEO, Sam Bankman-Fried, announced that they had given $25 to each Ukrainian user.

Russia-Ukraine crisis has hit all forms of market. The world has seen drastic price crashes of stocks and cryptocurrencies. The largest crypto coin Bitcoin has seen a growth of just 0.11% in the last 24 hours. BTC is trading at the average price of $38,909 with a 24-hour trading volume of $24,737,288,475. It is still at the top spot with a total market capitalization of over $738 Billion.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.