On Saturday, the Ukrainian government took a big step forward by accepting cryptocurrency donations.
People were already sending crypto donations to Ukraine hours after the Russian invasion began, according to a report. Hours after the attack, the Ukrainian army ministry requested donations but refused to take cryptos due to new laws. However, until yesterday, when the government formally stated that it accepts BTC, ETH, and USDT donations, people continued to press for their inclusion.
Accepting Crypto Donations
Finally, they gave in to public clamor for cryptocurrency donation alternatives to help them fight Russia. The news follows a claim that the Ukrainian army ministry wanted donations but turned down cryptocurrency payments hours after the attack.
People were pressuring the ministry to compromise and allow cryptos this time only, according to the article. However, before yesterday, there was no formal information or crypto wallet addresses for such donations.
The Ukrainian government tweeted that it stands by the Ukrainian people. They also mentioned that they now accept bitcoin donations. Bitcoin (BTC), Ethereum (ETH), and USDT are three cryptocurrencies.
It also included cryptocurrency wallet addresses to make donations easier. It seemed as if the crypto community was waiting for official addresses to supply to help Ukraine. Within the first eight hours of their release, the two wallets had amassed a total of $5.4 million in cryptocurrency.
Contributions made through official addresses are now growing faster than those made through NGOs. It demonstrates that people trust the contributions, despite the fact that the crypto industry is notorious for crooks.
Concerned parties have identified at least one social media post for mimicking a real NGO post, according to the BBC. However, the BTC addresses switched.
Exceeding $12M in Donations
When the bitcoin donations to Ukraine were initially publicized, the NGOs had received roughly 19 BTC. The government recently raised almost $5.4 million in less than eight hours, which is incredible. The entire amount donated to NGOs and the Ukrainian government exceeds $12 million.
According to data aggregator Elliptic, a non-governmental organization dedicated to assisting the Ukrainian Ministry of Defense has raised more than $3 million in Bitcoin. The Ukrainian government had also received over $6.1 million in cryptocurrency donations, according to the report. In total, $1.86 million came from one location, which appears to be related to the selling of NFTs designed to aid Julian Assange.
The most assistance has gone to Come Back Alive, a Ukrainian NGO that helps the military. It is presently the most popular NGO supporting Ukraine, as seen by countless social media posts promoting it. However, its Patreon page was closed on February 24 since Patreon recommends against military funding.
The prohibition only helped ‘Come Back Alive,’ as donations climbed dramatically by February 25, 2022. It received big contributions yesterday, including one of 80 BTC. Other pro-Ukraine groups have also requested cryptocurrency donations. Governments may be influenced by the crypto world’s generosity, causing them to reconsider how they regard these assets.
