Millions in Bitcoin pouring into Ukraine from donors
Cryptocurrency analysts say at least $13.7m (£10.2m) has so far been donated to the Ukrainian war effort through anonymous Bitcoin donations.
The Ukrainian government has issued an appeal for donations in cryptocurrencies amid the Russian military invasion of the country.
So far, over $10 million has been donated to the government’s crypto addresses.
The Ukrainian government has opted for direct crypto donations after an NGO’s Patreon account was suspended.
The median donation is $95.
On Saturday afternoon, the official Twitter account of the Ukraine government posted a message: "Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT."
It posted addresses for two cryptocurrency wallets which collected $5.4m in Bitcoin, Ether and other coins within eight hours.
The Ukrainian Digital Ministry says the latest call for donations is to "help Ukraine armed forces", but would not elaborate on how the money would be spent.
According to OpenSea data, a number of NFTs have also been noted to the Ukrainian government.
According to Tom Robinson, chief scientist at Elliptic, cryptocurrencies such as Bitcoin have emerged as “an important alternative crowdfunding method.” The new asset class allows efficient cross-border donations, bypassing financial institutions that might block payments to these groups.
This comes at a time where Come Back Alive, an NGO that provides equipment to the military in Ukraine, which accepts crypto donations had its Patreon fundraising page suspended due that the campaign being “involved in violence or purchasing of military equipment.”
Although there are scammers appear to be taking advantage of the current situation in Ukraine.