Millions of Bitcoins poured into Ukraine from donors 

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Millions of Bitcoins poured into Ukraine from donors 
01 Mar 2022
6 min read

News Synopsis

Cryptocurrency analysts say at least $ 13.7 million has been donated to the Ukrainian war effort through anonymous Bitcoin donations so far. Researchers at blockchain analysis firm Elliptic say the Ukrainian government, NGOs, and volunteer groups have raised money by promoting their Bitcoin wallet addresses online. 

So far, more than 4,000 donations have been made, and unknown donors have donated $ 3 million worth of Bitcoin to NGOs. The Ukrainian Digital Ministry states that the latest appeal for donations is to "help Ukraine armed forces", but did not elaborate on how the money would be spent. 

On Friday, funding platform Patreon announced that it has closed the funding page for "Come Back Alive", a Ukrainian NGO that has been raising funds for Ukrainian troops in conflict zones since 2014. The platform said that the page violated the policies as it does not allow Patreon to be used for funding weapons or any type of military activity.

Cryptocurrency procurement is becoming an increasingly important part of modern conflicts around the world. However, scammers seem to be tricking unsuspecting users into taking advantage of the current situation in Ukraine.

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