Ukraine Raises $13 Million in Crypto Following Appeal

On Saturday, the Ukrainian government made an official appeal on Twitter that appears to be paying off.

“Stand with Ukraine”

Ukraine’s war effort has received significant boosts in the form of cryptocurrency donations, according to crypto analysts. Following Thursday’s invasion by Russia, the Ukrainian government asked for financial support in Bitcoin and other similar currencies. 

Both Ukraine’s official account and that of Vice-Prime Minister Mykhailo Fedorov posted BTC, ETH, and USDT wallet addresses. Along came an appeal to “stand with the people of Ukraine”.

Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.

BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P

ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45e14

— Ukraine / Україна (@Ukraine) February 26, 2022

According to blockchain analysis provider Elliptic, those addresses have now received over $13 million in donations, as of today. According to the firm, the funds came in from more than 17,451 transactions.

Ukraine’s attempt at crowdfunding was first met with mixed reactions, with many wondering at the authenticity of the tweets. However, the concerns soon waned when Fedorov confirmed. He added that the government would use the money to “destroy as many Russian soldiers as possible.” 

TRON founder Justin Sun was one of the first to publicly chip in. On Saturday, he announced that he was “glad to announce” a $200,000 contribution in USDT, a stable coin.

Overall, the Ukrainian government and NGOs have received more than $20 million in crypto since the invasion began. The largest of those donations so far is a $3 million Bitcoin donation to one NGO.