In the past 24 hours, cryptocurrency donations have poured in for the Ukrainian army, as Russian forces continue to attack the country.
According to Elliptic’s study, Come Back Alive, a Ukrainian charity organization that collects crypto contributions for the Ukrainian army has gathered more than $400,000 in digital tokens in the previous day. The average donation is between $1,000 and $2,000, and in the previous two days, the organization has received at least 317 individual contributions.
According to Jess Symington, Elliptic’s director of research, fresh contributions “haven’t slowed down” and the company anticipates that the total will increase significantly by tomorrow. She claims that the current rise in donations has been assisted by pro-Ukraine and pro-crypto groups on social media platforms such as Twitter and Facebook.
Bitcoin payments to pro-Ukraine groups, on the other hand, are not limited to the previous few days. According to a February 8 study by Elliptic, non-governmental organizations and volunteer organizations that used crypto crowdfunding to aid Ukraine’s war effort against Russia raised more than $570,000 in the last year, which was distributed to the Ukrainian army, cyber activists, and other organizations. The analytics firm claims to have tracked donations by identifying the bitcoin wallets of various organizations.
After Russia annexed a section of Crimea, a Ukrainian region with a large Russian population, both pro-Russian and pro-Ukrainian organizations began crypto crowdfunding campaigns, Symington adds.
Since then, bitcoin adoption has risen in Ukraine and Russia. Ukraine becomes a top cryptocurrency jurisdiction. According to a Chainalysis report from October 2021, the country ranks fourth globally in terms of crypto use, with $8 billion moving in and out annually.
This week, the Ukrainian government legalized cryptocurrencies, a first step toward regulating and supervising them.
The market has lost $150 billion since Putin authorized Russian troops to invade Ukraine early Thursday morning Moscow time.
