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New Report Shows The Staggering Amount Ukraine Raised Using Crypto

July 29, 2023
in Crypto Updates
Reading Time: 3 mins read
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In keeping with a report by Crystal Blockchain, war-torn Ukraine has obtained over $225 million value of crypto from supporters because the nation continues its struggle in opposition to Russia.  

Ukraine’s Crypto Sponsors

A part of Ukraine’s donations have come from distinguished firms and figures within the crypto trade. The world’s largest crypto trade by buying and selling quantity, Binance contributed $10 million value of crypto in February 2022 to companies like UNICEF, UNHCR, and UN Refugee Company to assist their efforts in Ukraine. 

Polkadot’s co-founder Gavin Wooden and Tron’s founder Justice Solar had been publicized to have donated $5 million value of DOT and $200,000 value of USDT, respectively. Ethereum’s co-founder Vitalik Buterin was additionally fast to point out assist for the folks of Ukraine regardless of being born in Russia, as he donated near $5 million value of ETH. 

In the beginning of the struggle, he additionally described Putin’s actions and the struggle in opposition to Ukraine as a “crime in opposition to the Ukrainian and Russian folks” in a tweet.

Breakdown Of These Crypto Donations

Most of those crypto donations got here in 2022 (initially of the struggle) and cooled off towards the tip of final yr and the start of 2023. In keeping with the report, Ukraine has obtained lower than $10 million in crypto since Might. 

March 2022 is reported as essentially the most profitable interval by way of donations for Ukraine, with the nation raking in near $100 million. February 2022, when the Russian navy invaded Ukraine, ranks second because the nation obtained greater than $30 million value of crypto.

Crypto total market cap chart from Tradingview.com

Complete market cap struggles at $1.14 trillion | Supply: Crypto Complete Market Cap on Tradingview.com

Crystal Blockchain additionally estimates many of the crypto donations ($83 million) to have are available in USDT. Ethereum (ETH) ranks second, accounting for $79 million of the donations, and Bitcoin (BTC) ranks third with about $41 million. 

In the meantime, Russia was not left behind by way of crypto donations because the nation additionally obtained crypto donations from Russians and a few supporters overseas. Nonetheless, Russia’s fundraising efforts have been extra covert. This and world condemnation of Russia’s actions is likely to be the rationale why Ukraine’s crypto donations have considerably outpaced that of Russia. 

There additionally proceed to be discrepancies within the quantity Russia has raised. This Crystal report states that the Russian navy has solely obtained about $2 million value of crypto. In March this yr, blockchain analytics agency Elliptic reported that Russian forces have obtained lower than $5 million in digital property. 

In February, Chainanlaysis famous that Russia’s crypto donations had grown to almost $5.5 million. In the meantime, Binance instructed CoinDesk it positioned over $7.2 million in crypto donations to Russia.

Featured picture from PYMNTS, chart from Tradingview.com

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Tags: AmountCryptoRaisedReportShowsstaggeringUkraine
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