Bitcoin Donations to Ukrainian Military Forces Rise to Over $4 Million

Bitcoin Donations to Ukrainian Military Forces Rise to Over $4 Million

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Answer Bitcoin Donations to Ukrainian Military Forces Rise to Over $4 Million

Donations continue to flow in support of the Ukrainian army.

Pro-Ukrainian armed groups have received more than $4 million in cryptocurrency since the invasion of Russia on Thursday, according to the latest data provided by the analytics firm Elliptic.

The day before yesterday (February 24), the donation amount was only $400,000.

It has since risen tenfold.

London-based Elliptic told Friday that non-governmental organizations and volunteer groups had raised funds.

The same source added that donations are being sent in cryptocurrency because it is quick and easy and can bypass regulations and obstacles.

A sudden influx of cryptocurrency giveaways exploded after someone donated and sent $3 million worth of Bitcoin (80 BTC) in one day.

Read:Bitcoin struggles to stay above $20,000 as Bitcoin balance on exchanges plunges to a very low level

It was stated in the Elliptic blog:

Cryptocurrencies such as Bitcoin have emerged as an important alternative financing method.

It allows for rapid cross-border donations, bypassing financial institutions that may block payments to these groups.

The crowdfunding site Patreon yesterday banned Come Back Alive, a Ukrainian NGO that supports Ukrainian soldiers, from its platform because it used the money collected for weapons and military activities.

Then Come Back Alive received most of the donations in cryptocurrency.

Elliptic said bitcoin donations may have gone up due to the Patreon ban.

The company added:

This development may have contributed to the surge in bitcoin donations observed on the morning of February 25.

Pro-Ukrainian groups were accepting bitcoin before the war began.

Others use other crypto-related methods to raise funds such as launching and selling NFT pools.

Russia shocked the world on Thursday when it invaded the eastern European country, where the Russian army has been building up on the Ukrainian border for months.

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