According to the Ukrainian Deputy Prime Minister, crypto donations have totaled an astonishing $54 million through Aid For Ukraine to help the country’s military efforts against Russia.
The majority of the $54 million in Aid For Ukraine has come in the form of 10,190 Ether (ETH) worth $18.7 million, 595 Bitcoin (BTC) worth $13.9 million, Tether (USDT) at $10.4 million, and USD Coin (USDC) worth $2.2 million.
Ukraine crypto donations supported country’s defenses
According to Ukraine’s Deputy Prime Minister Mykhailo Fedorov’s Thursday Twitter post, which praised the cryptocurrency community for its support, the $54 million was sent in through the Ukrainian government-run initiative Aid For Ukraine.
Unmanned aerial vehicles (UAVs), which are frequently used to identify enemy forces and plan attacks, cost $11.8 million and were purchased with cryptocurrency payments for military gear, weapons, and other supplies.
DPM Fedorov wrote the following in a tweet:
With $54 M raised by @_AidForUkraine, we've supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f
— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022
The donations included $6.9 million for armor vests, $3.8 million for field rations, $5.2 million for media campaigns opposing the conflict, and $5 million for “weapons of the [Ukraine] Ministry of Defense request,” among other military and medical supplies.
Aid for Ukraine
Aid For Ukraine runs by depositing cryptocurrency into the fiat cryptocurrency exchange FTX, which subsequently withdraws and transfers the funds to the National Bank of Ukraine.
The creator of the cryptocurrency exchange KUNA, based in Ukraine, Mike Chobanian, claimed that the contributions from the crypto community have demonstrated the influence that blockchain technology can have on nation-states and that, in difficult times, it can act as the “backbone of global security.”
However, Aid For Ukraine isn’t the only charity raising donations to support Ukrainian military efforts; Come Back Alive, the Reserve Fund of Ukraine, the Unchain Fund, and UkraineDAO have all made significant contributions. However, the amount of crypto-based funds they’ve received hasn’t been published since March.