The Ukraine Military BTC donations soar to over $4 million and most of the cryptocurrencies that were sent were sent by one donor who sent $3 million as we reproted in our previous cryptocurrency news.
The crypto donations keep on flooding in to support the Ukraine groups. As of today, NGOs and volunteer groups recieved $4 million in crypto since Russia attacked Ukraine on Thursday. BTC donations are piling up to support the Ukraine military and as of today, the pro-Ukrainian groups recieved over $4 million in crypto since Russia attacked them on Thursday, according to the latest data from Elliptic.
Live Updates: $4 Million in Crypto Crowdfunded for the Ukrainian Military | NGOs and volunteer groups in the country have raised over $4 million in cryptocurrency donations over $3 million of which was sent by a single donor. https://t.co/mZFN5Ey02r#ukraine #russia #crypto
— elliptic (@elliptic) February 25, 2022
The figure was just $400,000 a few days ago but the reports from Elliptic said that the NGOs and volunteer groups are raising additional cash. Donations for the Ukrainian military are being sent in crypto because it is faster and easier and can bypass the regulations. The sudden flow of crypto however came from one donor who sent $3 million worth of BTC in one day. Elliptic said in the blog post:
“Cryptoassets such as Bitcoin have also emerged as an important alternative funding method. They allow quick, cross-border donations, which bypass financial institutions that might be blocking payments to these groups.”
Crowdfunding website Patreon however decided to ban the NGO Come Back Alive that supports the soldiers in Ukraine from the platform because it had used the funds for weapon and military activity. The NGO recieved most of the donations in crypto. Elliptic also said that BTC donations could have surged because of Patreon’s ban:
“This development may have contributed to an increase in Bitcoin donations observed on the morning of February 25.”
Pro-Ukraine groups were raising BTC even before the war started and others are using other crypto methods to raise cash. The students in Ukraine released an NFT collection on OpenSea as the largest NFT marketplace. All of the profits will be donated to Come Back Alive. Russia shocked the world a few days ago when it attacked Ukraine after the many months of conflicts on the border. President Vladimir Putin faced condemnation both at home and abroad and is facing severe sanctions from countries around the world.
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