Bitcoin donations supporting Ukraine’s military soar to $400K in just 12 hours

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Mon, 25 Sep 2023, 04:10 PM
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Bitcoin donations supporting Ukraine’s military soar to $400K in just 12 hours

People from all over the world are showing their support for the Ukrainian army’s fight against Russian forces by sending crypto donations.

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Fri, 25 Feb 2022, 12:54 pm UTC

People have been sending Bitcoin donations to the Ukrainian army after Russia launched a large-scale offensive against the country. In fact, a crypto wallet belonging to a Ukrainian nongovernmental organization received nearly $400,000 in BTC in just a span of 12 hours.

People from all over the world are showing their support for the Ukrainian army’s fight against Russian forces by sending crypto. Data from blockchain analytics firm Elliptic revealed that the Bitcoin wallet of Come Back Alive, a charity organization that supports the Ukrainian military, received nearly $400,000 in BTC over a 12-hour window on Thursday, the day when Russia started its military offensive against Ukraine, CNBC reported.

Data from Blockchain.com revealed that the Bitcoin wallet has received more than 19 BTCs, which is worth around $700,000, Coindesk reported. While the address has been active since August 2021, the vast majority of transactions took place in February, especially in the last 48 hours.

The group has already disbursed $150,000 worth of Bitcoin to help Ukraine’s military efforts. “All funds received by the Charitable Foundation are used exclusively for the needs of the army,” Come Back Alive wrote on its website.

While donors to these organizations usually sent funds via payment apps or bank wires, cryptos cush as Bitcoin (BTC) and Ethereum (ETH) have become increasingly popular as well as digital currencies can bypass financial institutions that might block donations. NGOs and volunteer groups have raised over $1 million in crypto to support Ukraine’s military.

Elliptic also revealed that another group called the Ukrainian Cyber Alliance has received nearly $100,000 in crypto donations since last year. The donated coins include Bitcoin, Ether, litecoin, and a mix of stablecoins which the group uses to fund cyberattacks against Russian targets.

“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments,” Elliptic chief scientist Tom Robinson said.

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