Ukraine netted $70M in crypto donations since start of Russia conflict

cointelegraph.com:

Ukraine has received over $70 million in the form of cryptocurrencies since the start of the Russian-Ukrainian conflict, providing the nation with military equipment and humanitarian assistance.

The figures came from a Feb. 24 report by blockchain data platform Chainalysis, which found the majority of the funds to have come in the form of Ether (ETH) and Bitcoin (BTC).

ETH donors led the way with $28.9 million given, while donors of BTC and Tether (USDT) chipped in $22.8 million and $11.59 million respectively.

Donations have also come in the form of nonfungible tokens (NFTs), such as UkraineDAO’s auction of a Ukrainian flag NFT which sold for $6.1 million.

Around 80% of the total $70 million donated came in the first few months of the war, with the speed of cryptocurrency payments fast-tracking the country’s ability to respond to the Russian invasion, Ukrainian deputy digital minister Alex Bornyakov explained in an interview with Yahoo Finance UK on Feb. 24:

Bornyakov added that the Crypto Fund Aid For Ukraine was an “absolute success” and that he was blown away by not only the amount of donations that came through but the ease at which the digital ministry could access those funds to initiate its defense.

Alona Shevchenko, co-founder of Ukraine DAO also explained to Yahoo Finance that cryptocurrencies provided a solution when restrictions were imposed on the Ukrainian central banking system:

As per a tweet from Mykhailo Fedorov, the Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine in August last year, much of the cryptocurrency payments to the Ukraine digital ministry have been used to fund the country’s military equipment, armor clothing and a range of vehicles and medicine.

With $54 M raised