More than $4 million have already been contributed to non-governmental organizations helping Ukraine from Russia’s unprovoked invasion of the country. A “crypto war,” according to analysts, has just begun.
Meanwhile, as the panic of war depletes the country’s ATMs, many Ukrainians resort to Bitcoin.
Elliptic, a blockchain analysis company in London, provided statistics on Friday revealing that crowdfunding has increased since Thursday, following Russia’s invasion of Ukraine.
“On the 24th of February alone, one NGO got over $675,000 in Bitcoin, and by 9.30 a.m. on the 25th, it had already received more than $3.4 million – over $3 million of which was provided by a single contributor,” Elliptic said.
This brings the total amount raised by these groups from the beginning of the invasion to more than $4 million, Elliptic said.
This increase in donations is part of a more significant trend by Ukrainian volunteers and NGOs who have been at the forefront of organizational efforts since the conflict began eight years ago with the separatist Donbas republics.
Bitcoin was up 1.75% to $47,130 at the time of writing. The crypto fell to an early morning low of $46,173, before climbing to a high of $47,247, indicating a mixed start today.