Here_s How Much Crypto Ukraine Raised to Fight Russia: Report

Supporters of war-torn Ukraine have reportedly donated over $225 million worth of crypto to the country in its fight against Russia

Prominent companies and figures part of the digital asset industry, such as the world’s largest cryptocurrency exchange Binance and Tron’s founder Justin Sun, have also contributed to the nation’s efforts.

The Strong Start Followed by Stagnation

According to a Crystal Blockchain report (seen byCoinDesk), Ukraine has received almost a quarter of a billion dollars in crypto assets as donations since the start of the military conflict with Russia

The authorities have used the funds to purchase ammunition, medical equipment, weapons, and other war supplies to continue resisting the Russian invasion

It is worth mentioning that the largest chunk of the total contributions came in 2022, as they stagnated at the end of last year and the beginning of 2023. The country has received less than $10 million worth of crypto since May.

March 2022 was the most successful month in terms of donations when Ukraine racked up almost $100 million. February 2022 (when Russia’s President Vladimir Putin launched the “special military operation”) ranked second with over $30 million in digital assets

Crystal Blockchain estimated that the most contributions ($83 million) came in the form of USDT. Ethereum (ETH) donations were second, comprising $79 million of the amount, whereas Bitcoin (BTC) ranked third ($41 million).

Ukraine Crypto Donations, Source: Crystal BlockchainUkraine’s crypto contributions significantly outpace the ones granted to Russia. The blockchain analytics firm Ellipticdetermined in March this year that pro-Russian forces and individuals have received less than $5 million worth of digital currencies

Who Supported Ukraine’s Cause?

The war in the Eastern European country echoed across the globe and ed many people and organizations part of the cryptocurrency eco to support the Ukrainian efforts

Binancedonated $10 million worth of digital assets at the end of February 2022, explaining that the funds were split between organizations such as UNICEF, UNHCR, and the UN Refugee Agency.

Polkadot’s co-founder Gavin Wood sent over $5 million worth of DOT to Ukraine, while Tron’s founder Justin Sun contributed $200,000 in USDT

Despite being born in Russia, Ethereum’s Vitalik Buterin also took the Ukrainian side,donatingapproximately $5 million in ETH. He alsodescribedthe military conflict as a “crime against the Ukrainian and Russian people.”