Over $15 million USD in cryptocurrencies raised for Ukraine amid Russian invasion

Amid the Russia-Ukraine conflict, the latter had issued an appeal on their official Twitter asking the world for funds in the form of money or cryptocurrency (Bitcoin, Ethereum and Tether) to help their army fight back Russian troops. In response, Vitalik Buterin, the creator of Ethereum, tweeted that the invasion was a "crime" against the Ukrainian and Russian people. 

Buterin also retweeted unchain.fund's tweet that urges the world to support Ukraine with humanitarian aid.  

We've launched a crypto-native fundraising campaign https://t.co/MLU2FwoZJn to support Ukraine with humanitarian aid.

Pls, retweet! Let's provide life-changing support for those in need, and truly make the difference.

1/10 pic.twitter.com/nF0uTVKQ1Q

— unchain.fund (@Unchainfund) February 26, 2022

As of now, more than $15 million in cryptocurrency has been donated to Ukrainian groups since Russia attacked the country on February 24, according to research firm Elliptic.

Also Read | 240 casualties reported, 64 civilians killed in Ukraine amid Russian invasion: UN

"Decentralised autonomous organisations (DAOs) have formed to support Ukrainians. NFTs have been sold to raise money for the Ukrainian people and military," The Verge reported late on Saturday.

Ukraine ranked fourth on Global Crypto Adoption Index, behind Vietnam, India and Pakistan, and about $8 billion of a cryptocurrency passes through the country annually, according to Chainalysis.

"Ukraine is known for its tech talent, with more than 200,000 tech workers, and its IT export business did $6.8 billion in volume last year," the report mentioned. It officially legitimised Bitcoin and other cryptocurrencies last year.

As Russia invaded Ukraine, people started donating the Ukrainian army in cryptocurrencies to support them and more than $400,000 worth of Bitcoins were donated to just one group.

Come Back Alive, a Ukrainian NGO that raises crypto funds for the Ukrainian army, received more than $400,000 worth of digital tokens in the past day, according to data from blockchain and crypto analytics firm Elliptic.

The average amount donated is around $1,000 to $2,000, and the group has received at least 317 individual donations in the past two days, reports Fortune.

Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.

(With Agency inputs)