Amid Russia’s military invasion of Ukraine, the Ukrainian government has issued a call for cryptocurrency donations. These funds will act as the support system to the Ukrainian government amid uncertain situations.
Donations in crypto cross accepted
Following the suspension of an NGO’s Patreon account, the Ukrainian government has opted for direct crypto donations. According to a blockchain analysis firm, the Ukrainian government, non-governmental organizations, and volunteer groups raised funds by advertising their Bitcoin wallet addresses online.
Over $10 million in cryptocurrency raised for Ukraine
On Saturday, the Ukrainian government announced that it accepts cryptocurrency donations in Bitcoin, Ethereum, and USDT.
One of the two addresses for accepting digital donations posted by the Ukrainian government on Twitter was for accepting ether and stablecoin tether, and the other was for Bitcoin.
An NGO received million worth of Bitcoin donations, donor unknown. In the government’s BTC address, more than $3.5 million has been received.
Over $5 million in ETH and $1.3 million in other crypto assets, including USDT, have been sent to the Ethereum address.
Around $1.86 million of the money owed to the Ukrainian government was obtained by selling a non-fungible token (NFT) that was originally intended to raise funds for Wikileaks founder Julian Assange.
More new asset classes explored
A number of NFTs have also been reported to the Ukrainian government, according to OpenSea data.
The new asset class enables efficient cross-border donations by avoiding financial institutions that might block payments to these organizations.
Patreon suspends a fundraising page for An NGO that accounts for supplying equipment to the Ukrainian military because the campaign is involved in violence or the purchase of military equipment.
An important move in fundraising
Cryptocurrency fundraising is becoming an increasingly important part of modern conflicts worldwide.
Scammers appear to be taking advantage of the current situation in Ukraine by duping unsuspecting users.
Elliptic wrote that the crypto war chest includes a single $1.86 million donation that “appears to have originated” from the NFT collection “Censored” created by digital artist Pak and Wikileaks founder Julian Assange.
On Saturday, the Ukrainian government tweeted from its official account that it was “now accepting cryptocurrency donations.”
