Skip to main content

Ukraine raises over $60 million in cryptocurrencies – A borderless way of donating


It’s been almost a month since Russia invaded Ukraine – and politics aside, this is perhaps the first real-world demonstration of how incredibly useful cryptocurrencies can be. Through the power of decentralisation and blockchain technology, Ukraine has received over $60 million US dollar equivalent in various crypto assets; and these are being used to help Ukraine’s military.

How did this start?

On February 26 2022, 2 days after Russia invaded Ukraine, the Ukrainian government posted on Twitter a cry for help; they asked the world for cryptocurrency donations.

And then the world answered.

As of writing this article, there has been over $60 million US dollar equivalent in crypto donations from all over the world. These donations include a single transaction worth over $1.8 million, which appears to come from NFT sales. People have also donated NFTs that have previously been sold for hundreds of thousands of dollars, including a CryptoPunk NFT worth over $200,000.

How are all these donations being used?

A Ukraine-based cryptocurrency exchange, Kuna, helped the Ukrainian government setup and operate their crypto wallets. They have also helped with the sale of said cryptocurrencies to exchange them for fiat currencies, mainly the Euro. The fiat was then used to purchase military gear including bullet-proof vests, drones, petrol, heat-sensitive goggles, and this was purchased from both state actors and the private sector.

It's incredible to think that such a feat would not be possible even 10 years ago; and it’s even more incredible to simply ponder on that no single authority can ever stop these donations due to cryptocurrencies’ decentralised nature.

To further solidify their stance on cryptocurrencies, just yesterday the Ukrainian government legalised cryptocurrencies. The Ukrainian president signed into law the legislation on ‘virtual assets’.

The other side

On the other side of the coin, many exchanges are blocking Russian-IP access to their exchanges, and blocking out the masses from access their crypto (kept on their centralised wallets)*.

This has gained a lot of controversy as the purpose of crypto is to not only build a permissionless, decentralised future, but also that an average Russian citizen has nothing to do with its invasion of Ukraine. In fact, many have protested against it and still are.

A few notable exceptions to this include Binance and Kraken, who have publicly spoken out against blanket bans on ordinary Russians. Coinbase, on the other hand, issued a similar statement but followed up by banning 25,000 accounts in the ensuing days.

*[It is important to recognise that self-custodian wallets, i.e. wallets a user has the private keys to, cannot be banned as is the purpose of decentralisation]


§  Ukraine amassed over $60 million in cryptocurrency donations

§  Due to its decentralised nature, these transactions are seamless and cannot be blocked

§  Many Russian users lost access to their cryptocurrency assets from crypto exchanges

§  ‘Virtual assets now legal in Ukraine

§  Ukraine selling crypto for Euro to buy military gear


Post a Comment

Popular posts from this blog

Bitcoin prices surge as hopes of 100K BTC by the end of 2021 soars

Loopring recently received its post-mortem announcement from Gamestop about their NFT marketplace, bringing the dead currency from 6 feet under to 60% above. Following this rather unexpected announcement, now Bitcoin seems to be wanting a piece of the pie as well. It has surged more than 25% since late last month; giving hope to many small-time cryptocurrency owners that there still may be a chance that it reaches 100K by the end of 2021. Many investors have taken to the r/cryptocurrency community of Reddit , the social media platform, to express their feelings: “Finally, 100K bitcoin  🥲 ” “EOY 2021 100K bitcoin back on the table?” “The suicide hotline operators can finally go on a break” It was clear that emotions were running high, and there were many tears of happiness But many users warned that the advice given on the close-knit community were not ones to follow. “Do not follow this subreddit. The market does the exact opposite that of the current sentiments of this

Ledger Live Collects Your IP Address – And They Lied That They Don’t

Ledger devices have been used for a better part of a decade; and they are indeed excellent hardware wallets. They are supported by numerous third-party crypto wallets, and arguably provide the best consumer-end cryptocurrency security out there. But the problem lies within the company’s first-party application – Ledger Live. Ledger Live - What is it? Ledger Live is the main application used to interact with your Ledger hardware wallet. It can install various apps that are required for interacting with specific blockchains, update your Ledger device firmware and keep track of a list of crypto assets. In other words, for the average user, the application is necessary to actually use the ledger device, even if the user only intends to use it with third party applications. Ledger Live’s Data Collection Policy Here’s what Ledger’s Chairman and Co-Founder says, replying to a post on Reddit: [Source:

Monero investor barely escapes with his life after boating accident

  What Happened? In the wee hours of 15 th April 2022, a Florida cryptocurrency investor was out boating, enjoying the solitude. “It was perfect. The birds were singing their morning songs, the light from the break of dawn was dancing on the tiny waves. I was so happy.” But then, his worst fears came true. A piranha attacked his boat. The Accident “It came from nowhere! Not a single sound, no warning, then just bam!” He then described how the piranha systematically pinched a hole in his boat – and his dignity. The notoriously ferocious fish ate away at the bottom of the hull, where small boats are the weakest. Then it swam up and used its sharp teeth to strike a hole where the boat structure is the thinnest. “I was in shock. I had no clue what I was gonna do. Am I gonna die?” The investor then described how the water started to flow in. The boat was slowly sinking. He tried bucketing away the water, but it was of little avail. With no other choice, the poor man had