Ukraine has reportedly received more than $54.7 million in cryptocurrencies from donors all around the world as international support for the country continues. Cryptocurrencies such as bitcoin and ethereum have been pouring into Ukrainian digital wallets as the nation enters its second week of conflict with Russia.
Data from blockchain analytics company Elliptic revealed that more than 102,000 cryptocurrency transactions had been made since Russia launched its invasion of Ukraine late last month. The funds have mostly been sent directly to the Ukrainian government, and a non-government organization called Come Back Alive working with the Ukrainian military.
According to the recently released data, one of the largest donations that were made was a single donation of bitcoins worth $5.8 million from Gavin Wood, the founder of the digital currency polkadot.
Data showed that donations to the country and the NGO surged this week, with around 72,000 transactions made over the last two days. A breakdown of the data showed that about $17.2 million worth of bitcoin was donated, $18.2 million in ethereum, $1 million worth of Tether, and another $9.5 million worth of mixed U.S.-dollar-pegged stablecoins.
According to Elliptic, the bitcoin, ethereum, tron, polkadot, dogecoin, and solana addresses indicated in the tweets have received over 96,000 cryptocurrency donations totaling $46.7 million, all of which went straight to the Ukrainian government.
Apart from cryptocurrencies, nonfungible tokens or NFTs have also been donated to Ukraine. A single transaction for $1.86 million appears to have originated from the sale of CryptoPunk NFTs initially meant to generate cash for Wikileaks founder Julian Assange.
Meanwhile, a user named UkraineDAO sold an NFT of the Ukrainian flag for $6.5 million in ether, making it one of the most valuable NFTs ever sold. The money, according to Elliptic, will be donated to Come Back Alive.
As the Russian attack made it difficult for Ukraine to receive donations from traditional payment channels, the government got creative and decided to open cryptocurrency wallets to gain international financial support. Twitter accounts owned by the Ukrainian government began to post cryptocurrency wallet addresses a few days after Russian began its campaign. The account solicited cryptocurrency donations from supporters around the world.
Bitcoin and other cryptocurrencies have grown in popularity as ways to send money anonymously or in cases such as in Ukraine because they allow users to avoid banking institutions that could prohibit or block such transactions.
While the cryptocurrency donations may be significant, they pale in comparison to the cash donations made by the U.S. and other countries. The U.S. recently approved a $350 million donation to support Ukraine's military.