Supporters of war-torn Ukraine have shown their solidarity by donating over $225 million worth of cryptocurrencies to aid the country in its fight against Russia. This significant contribution comes from both prominent companies and figures within the digital asset industry, including Binance, the world’s largest cryptocurrency exchange, and Tron’s founder, Justin Sun.
According to a report by Crystal Blockchain, Ukraine has received nearly a quarter of a billion dollars in crypto assets since the start of the military conflict with Russia. These donations have been utilized by the authorities to purchase ammunition, medical equipment, weapons, and other supplies necessary to continue resisting the Russian invasion.
The majority of these contributions were received in 2022, with the amount stagnating towards the end of last year and the beginning of 2023. Since May, Ukraine has received less than $10 million worth of crypto donations. March 2022 was the most successful month, with Ukraine accumulating almost $100 million. In February 2022, when Russia’s President Vladimir Putin launched the “special military operation,” over $30 million in digital assets were donated.
Crystal Blockchain’s estimation reveals that the largest portion of contributions, approximately $83 million, came in the form of USDT. Ethereum (ETH) donations ranked second, comprising $79 million, while Bitcoin (BTC) ranked third with $41 million.
Interestingly, Ukraine’s crypto contributions far exceed those granted to Russia. According to blockchain analytics firm Elliptic, pro-Russian forces and individuals have received less than $5 million worth of digital currencies.
The war in Ukraine has garnered global attention and support, prompting individuals and organizations within the cryptocurrency ecosystem to rally behind the Ukrainian cause. Binance, for instance, donated $10 million worth of digital assets, which were distributed among organizations such as UNICEF, UNHCR, and the UN Refugee Agency. Other notable contributions include Polkadot’s co-founder Gavin Wood sending over $5 million worth of DOT to Ukraine, and Tron’s founder Justin Sun contributing $200,000 in USDT. Even Ethereum’s Vitalik Buterin, who was born in Russia, donated approximately $5 million in ETH, emphasizing the conflict as a “crime against the Ukrainian and Russian people.”
The generous support from the cryptocurrency community demonstrates the power of decentralized finance and its ability to make a positive impact in times of crisis. Ukraine’s resilience in the face of adversity is bolstered by these substantial crypto donations, which provide crucial resources to continue their fight against Russia’s aggression.