The majority of crypto donations were transferred in Tether and Ether.
According to the most recent report by blockchain analytics company Crystal Blockchain, Ukraine has garnered a significant $225 million in cryptocurrency donations since the onset of the full-fledged Russian invasion.
The crypto-based financial assistance represents a minor portion of the total billions raised by Ukraine in traditional currencies. Yet, these crypto funds have played a crucial role, backing the acquisition of essential war supplies, including ammunition, weaponry, and medical equipment.
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March 2022 marked a surge in crypto donations as the conflict had just started, and worldwide backing to aid Ukraine against Russia’s invasion peaked.
In June last year, Ukraine received around $135 million in crypto donations, suggesting continuous support from the global crypto community over the past year. However, the pace of monthly donations began to slow down in late 2022 and 2023, with monthly collections not exceeding $10 million since May 2022.
According to the data from Crystal, humanitarian campaigns have been more successful in attracting donations than military fundraising initiatives. Crypto donations amounting to approximately $134 million were channeled towards humanitarian efforts, while military-oriented fundraisers accrued $91 million.
Of the total crypto donations, the lion’s share was in Tether (USDT), approximately $83 million, closely followed by Ether (ETH), with $79 million in donations. Bitcoin (BTC) donations added up to $41 million, and the rest was contributed in smaller cryptocurrencies such as Binance USD (BUSD), Polkadot (DOT), and others.
In contrast, fundraising efforts by Russia’s military and paramilitary forces have been far less public and have drawn lesser amounts due to global disdain for Russia’s actions.
Crystal Blockchain’s data indicate that Russian military crypto donations only garnered around $2 million, although other reports suggest higher figures. For instance, Chainalysis reported about $5.4 million in donations to Russian military units and propaganda outlets.
The latest report by Crystal Blockchain underscores the growing role of cryptocurrencies in geopolitical conflicts, as seen in Ukraine’s significant accrual of $225 million in crypto donations amidst the ongoing crisis with Russia.