Bitcoin donations to the Ukrainian Military surge over $4M

NGOs and volunteer groups have received over $4 million in Bitcoin donations since Russia invaded Ukraine. According to reports, most of the cryptocurrency was sent by a single donor who sent $3 million.
Bitcoin donations to the Ukrainian Military surge over $4M
Bitcoin donations to the Ukrainian Military surge over $4M

Bitcoin donations are pouring in to support Ukraine’s military: according to the latest data from blockchain analytics firm Elliptic, pro-Ukrainian groups have received over $4 million in cryptocurrency since Russia invaded on Thursday.

Yesterday that the figure was only $400,000, but it has subsequently risen tenfold. The money was raised by NGOs and volunteer groups, according to Elliptic, a London-based firm.

Donations are being paid in bitcoin because it is quick and easy, and it can avoid laws, according to Elliptic. However, the rapid influx of cryptocurrency was caused by a single donor who gave $3 million in Bitcoin (80 BTC) in a single day.

Bitcoin donations for fundraising

“Cryptoassets, such as Bitcoin, have also become popular as a means of alternative fundraising. They enable rapid, cross-border donations, avoiding banking institutions that may prohibit payments to these organizations “In a blog post, Elliptic stated.

Come Back Alive, a Ukrainian non-governmental organization that helps Ukrainian soldiers was banned from Patreon yesterday for using funds generated for weapons and military action. According to the analysis, Come Back Alive has received the majority of crypto donations.

Bitcoin donations may have increased as a result of the Patreon restriction, according to Elliptic. “This development may have led to an increase in Bitcoin donations recorded on February 25 morning,” the company noted.

As stated earlier, pro-Ukraine parties were raising Bitcoin well before the conflict erupted. Others are raising money through various crypto-related means: two Ukrainian students have launched an NFT collection on OpenSea, the world’s largest NFT marketplace. Come Back Alive will receive 100% of the proceeds.

Russia stunned the globe on Thursday when it invaded the Eastern European country. For months, Russian troops had been massing near the Ukrainian border. Since then, Russia’s President Vladimir Putin has been chastised both at home and internationally.