Ukraine government put up more funds after posting crypto addresses on Twitter
The government of Ukraine has put up more than £10 million through thousands of crypto donations after posting the wallet address on Twitter. In a less than traditional crowdfunding procedure, the country’s official Twitter account has made two addresses public, one for bitcoin and one for ether and Tether, a stablecoin pegged to the value of the US dollar.
According to up-to-date tracking by blockchain analytics firm Elliptic, since February 26, the wallets have raised more than £10 million in donations from 17,500 transactions. Of these, a single donation of £1.5 million came from the sale of NFTs, initially aspired to raise funds for the legal team of WikiLeaks founder Julian Assange.
The development highlights the benefits of cryptocurrency as a decentralized global payment system. By avoiding financial intermediaries that block payments, crypto provides a quick and effective method for cross-border payments and donations.
Following Russia’s invasion of Ukraine on 24 February, non-governmental organizations (NGOs) that support the Ukrainian military were already approving crypto donations.
One such NGO, Come Back Alive, has so far raised over £5 million through crypto after its Patreon donation page was suspended for being associated with military funding.
Crypto fundraising campaigns are also being organized outside of Ukraine to support the Ukrainian military. UkraineDAO is a decentralized autonomous organization intending to raise Ether to be donated to Come Back Alive.
Inside the Ukrainian government, the call for further action in the crypto space came on 27 February, when Minister of Digital Transformation Mykhailo Fedorov suggested that crypto exchanges should block payments to ordinary Russian users.
Scammers are also appearing to take advantage of the current situation by conning unsuspecting users online attempting to donate to Ukrainian causes. Elliptic said it has identified several fraudulent crypto fundraising scams that took advantage of the ongoing conflict in Ukraine.