Russian citizens sending ‘significant amounts’ via crypto to help Ukrainians Russian citizens sending ‘significant amounts’ via crypto to help Ukrainians
Ukraine's deputy digital minister Alex Bornyakov says that the country has seen over 650 BTC and 10,000 ETH in donations since the start of the war
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Updated: Aug. 3, 2023 at 3:18 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Russian citizens against their country’s war against Ukraine are using crypto to voice their opposition.
“Donations to Ukraine has varied from one dollar to millions of dollars,” said Ukraine’s deputy digital minister, Alex Bornyakov, to Yahoo Finance’sย The Crypto Mile on Feb. 2.
“Crypto, in certain cases, offers an anonymous way to transfer money. We see that some Russians are donating to us a significant sum,” Bornyakov said.
“The Russian people who have donated have sent significant amounts of money. I understand that from within Russia there is no other way for them to do this other than through crypto,” he added.
The comments come nearly one year after Russia’s large-scale military invasion of Ukraine.
Since then, more than 100,000 people have sent aid to Ukraine using crypto currency, one-third of which came via the Crypto Fund Aid for Ukraine initiative, powered by Ukraine-based Kuna platform and blockchain company Everstake, with the support of the Ministry of Digital Transformation of Ukraine.
Most asset donations to Ukraine are in bitcoin, ethereum, cardano, solana, polkadot and stablecoins such as USDC ย and USDT.
“So far Ukraine has received around 650 bitcoins, more than 10,000 ethereum, and there was also a significant amount of polkadot, almost 1.8 million in solana and $2.8m in the form of the USDC stablecoin,” Bornyakov said on February 2.
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Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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Bitcoin
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.