Cryptocurrency donations to help Ukraine now top $54 million

Posted: 3 March 2022 4:30 pm
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As money continues to pour in via crypto, Ukraine plans a release of NFTs.

The government of Ukraine announced it would open cryptocurrency wallets for donations just days after the Russian invasion started. Funds to the Ukrainian government and an NGO providing support to its military now total $54.7, according to the latest numbers from crypto compliance company Elliptic.

That total comes from more than 102,000 crypto asset contributions including Bitcoin, Ethereum and stablecoins. Polkadot’s Founder, Gavin Wood, donated $5 million worth in Polkadot, while someone donated a CryptoPunk NFT worth around $200,000.

Opening cryptocurrency wallets made it easy for crypto users to donate directly and fast to the Ukrainian government. That government recently added Solana and Dogecoin to the list of coins that can be used for donations.

For details on contributing in various ways, including via crypto, visit our guide to How to help the people of Ukraine.

The bulk of the funds go to the Ukrainian government

Most cryptocurrency donations are going to, a Ukrainian crypto exchange, according to Etherscan. The exchange works like a bank where they exchange crypto for the funds required by the government, or they send it to Europe in exchange for goods.

While you can easily track cryptocurrency transactions on the blockchain, it’s impossible to track once they’re converted to fiat currencies by an exchange. The bulk of the funds likely go for military purposes because Ukraine’s Defense Ministry decides the allocation of these funds.

Reward airdrop to donors canceled

The official Ukraine government account tweeted on Wednesday that an “airdrop” of some sort of reward token would take place on Thursday, but that was canceled. An airdrop is when someone sends cryptocurrencies or NFTs for free, directly to your wallet.

Ukrainian vice prime minister Mykhailo Fedorov said on his verified Twitter that a release of NFTs, or non fungible tokens, is instead being planned to support Ukraine. No details were available.

For information on how you can support Ukraine and a list of vetted ways to give, visit our guide on how Americans can help Ukrainians. And learn how to give safely in this guide to avoiding scams.

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