According to a recent report by Crystal Blockchain, Ukraine, amidst its ongoing conflict with Russia, has received more than $225 million in cryptocurrency donations from supporters. This substantial influx of funds demonstrates the global crypto community’s solidarity with Ukraine’s struggle for peace and stability.

In terms of prominent contributions, some leading companies and figures within the crypto industry have played a significant role. Notably, Binance, the world’s largest crypto exchange by trading volume, donated $10 million worth of crypto in February 2022 to organizations such as UNICEF, UNHCR, and the UN Refugee Agency. The aim was to assist their efforts in providing aid and support to the people affected by the conflict in Ukraine.

Two renowned personalities in the crypto space, Polkadot’s co-founder Gavin Wood and Tron’s founder Justice Sun, also emerged as contributors. Wood donated $5 million worth of DOT tokens, while Sun’s contribution amounted to $200,000 worth of USDT. Ethereum’s co-founder Vitalik Buterin, despite being born in Russia, stood in solidarity with Ukraine and donated almost $5 million worth of ETH. He voiced his condemnation of the conflict, describing Putin’s actions as a “crime against the Ukrainian and Russian people” in a tweet.

Crypto donations to Ukraine were most prevalent in 2022, particularly during the early stages of the war. However, these contributions gradually declined towards the end of last year and the beginning of 2023. Since May, Ukraine has received less than $10 million in crypto donations. Nevertheless, March 2022 saw an exceptional surge in donations, with Ukraine accumulating close to $100 million. Notably, the country received over $30 million worth of crypto during February 2022, coinciding with the Russian military invasion.

Crystal Blockchain’s report reveals that the majority of crypto donations, amounting to $83 million, were in the form of USDT. Ethereum (ETH) ranked second, comprising $79 million of the contributions, while Bitcoin (BTC) stood at $41 million.

In contrast, Russia also received crypto donations, albeit to a lesser extent. The fundraising efforts by Russian forces, as well as supporters both domestically and internationally, have been more discreet. Consequently, Ukraine has significantly surpassed Russia in terms of crypto donations, largely due to global condemnation of Russia’s actions.

However, discrepancies persist in estimating the exact amount of crypto funds raised by Russia. Crystal Blockchain’s report suggests that the Russian military has only received approximately $2 million worth of crypto. Another reputable blockchain analytics firm, Elliptic, reported that Russian forces received less than $5 million in digital assets as of March this year. In February, Chainalysis noted that Russia’s crypto donations had grown to nearly $5.5 million. Furthermore, Binance in their communication with CoinDesk stated discovering over $7.2 million in crypto donations directed towards Russia.

The continuous flow of crypto donations to Ukraine, primarily driven by the global crypto community’s support, bolsters the Ukrainian people’s resilience in their ongoing battle for peace and stability. It serves as a testament to the power of digital currencies to facilitate positive change, providing hope and resources to those in need during times of crisis.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.