Ukraine Raised $13 Million Worth of Cryptocurrency Donations

Artem Kniaz Ukraine Flag
Artem Kniaz Ukraine Flag

The government of Ukraine has raised $13 million worth of cryptocurrencies after asking for help on social media for donations of Bitcoin and other digital assets, according to data from blockchain analysis firm Elliptic, Monday. 

Ukraine’s official Twitter account made the appeal for crypto donations on Saturday following its invasion by Russia. The country posted digital wallets addresses for cryptos including Bitcoin and Ether. 

The Vice-Prime Minister of the country Mikhailo Fedorov tweeted the wallet address “Stand with the people of Ukraine. Now accepting cryptocurrency donations,” wrote Fedorov, who is also minister of digital transformation.

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The donations came amid the Russian invasion of the country. Russia seized two small cities in southeastern Ukraine, and the area surrounding a nuclear power plant, the Interfax news agency said.

By 08:50 GMT Monday, the wallet addresses had received crypto worth $12.8 million across almost 17,300 donations, London-based Elliptic said. The company tracks the movement of cryptocurrencies on the blockchain, a public ledger that records crypto transactions.

Ukraine’s ministry of digital transformation confirmed the tweets were genuine and added: “How will we use money? To destroy as many Russian soldiers as possible.”

Crypto donations to Ukrainian volunteer and hacking groups have also spiked since Russia launched its invasion on Thursday, Elliptic said this week.

The donations to such groups, some of which have supplied equipment to government forces, grew strongly in January as Russia massed troops near Ukraine’s border ahead of its invasion.