Ukraine received $70 million in donations in cryptocurrencies after the outbreak of hostilities

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According to the analytical company Chainalysis, since the beginning of Russia’s military operations in Ukraine, $70 million worth of cryptocurrencies have been donated to help the Ukrainian army and the victims.

Interestingly, the most coins listed wereETH - the total amount of donations in ether was $28.98 million. Bitcoin was in second place in popularity - donations in BTC to Ukrainians were made in the amount of $22.8 million. Donations in USDT were also sent quite often - $11.6 million. Donations in stablecoins USDC were much less popular ( $1.25 million) and DAI ($1.08 million). In other assets, donations totaled $191,128.

Analysts note that 80% of the $70 million donated were transferred to Ukraine in the first months after February 24, 2022. Then the influx of funds slowed down significantly.

"If we used traditionalfinancial systems, then purchasing various goods would take days. With the help of cryptocurrency, everything happens much faster. I was extremely surprised that 60% of suppliers accept cryptocurrencies for payment,” said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov.

Bornyakov also emphasized that the use of cryptocurrencies turned out to be extremely convenient for the ministry and he called fundraising in digital assets “an absolute success.”

Chainalysis specialists also reported thatFundraising in cryptocurrencies is also used by pro-Russian groups. In total, about a hundred such groups collected $5.4 million in donations to purchase various army equipment. The most successful months for them were March, June and July 2022.

Earlier, Sber representatives reported that Moscow exchanges transferred half a billion rubles in cryptocurrency to Ukraine.