Since February 24, when Russia invaded Ukraine, at least USD 18.9 million worth of cryptoassets have been donated to the Ukrainian government and non-governmental organizations (NGOs).
Data compiled by Elliptic from February 27, 23:50 UTC shows that 56.4 percent of donations were made in bitcoin (BTC) with another 31.8% in ethereum.
10.9% of donations are made in stablecoins that can be pegged to fiat currencies. Less than 1% are in other cryptoassets.
After restrictive measures were implemented by banks and fiat-based crowdfunding platforms, cryptoassets proved to be an effective way to raise funds for Ukrainian organizations.
The American membership platform slapped the “Come Back Alive” nonprofit that raises money for the Ukrainian military. The platform stated in a blog that Patreon cannot be used to fund weapons or military activities.
The NGO was able to re-establish its funding by using crypto. “Come Back Alive” was established in 2014. It provides military equipment, training services and medical supplies for the Ukrainian military. It also funded the development and operation of a drone-based targeting system for Ukrainian artillery units.
Another example is that PleasrDAO members, along with Trippy Labs, a studio for non-fungible tokens (NFT), and Pussy Riot, created a decentralized autonomous organisation (DAO) called UkraineDAO. It has raised approximately USD 3.5m.
On Saturday, the official Twitter account of Ukraine posted several appeals for crypto donations. The message was also pinged by the account, which includes bitcoin and ethereum as well as tether addresses.
According to Elliptic, addresses have received USD 12.1m in crypto donations over 15,947 transactions as of Sunday night. The saleof NFTs was intended to raise funds in support of Julian Assange’s WikiLeaks founder, according to the firm.