Ukraine is raising crypto donations to fund its army against Russia’s invasion Bitcoin. (PxFuel/Released)
In today’s dystopian nightmare, much like your former college roommate stuck with a sudden vet’s bill, Ukraine is begging for donations online.
The Eastern European country currently under attack from Russia has raised more than $10 million in cryptocurrency donations as of Sunday morning, according to blockchain analytics firm Elliptic, after pleading for financial support through its official Twitter account.
“Stand with the people of Ukraine,” the account tweeted Saturday along with codes to its wallets. “Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.”
Mykhailo Fedorov, the vice president of Ukraine, tweeted out the same message.
Among the donations was a single payment of $1.86 million, according to Elliptic.
Patreon, meanwhile, suspended the donation page for Come Back Alive, an NGO that provides equipment for the Ukrainian army, saying it violated the platform’s policy against “funding weapons or military activity.”
Come Back Alive has also raised several million dollars in crypto donations, according to Elliptic.
“Cryptocurrency is particularly suited to international fundraising because it doesn’t respect national boundaries and it’s censorship-resistant — there is no central authority that can block transactions, for example in response to sanctions,” Tom Robinson, Elliptic’s chief scientist, told CNBC.
“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments.”
Russian President Valdimir Putin launched a large-scale invasion of Ukraine on Feb. 24, calling it a “special military operation” just minutes before firing missiles across the border.
Ukrainian President Volodymyr Zelenskyy’s office said Sunday that a delegation will meet with Russian officials at the Belarusian border as Moscow’s troops approach Kyiv.
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