- One entity gave an NGO Bitcoin worth $3 million
- More than 115k Ukrainians have entered Poland since the invasion
- Shares of Russian and Russia-exposed companies plummeted on U.S. and European markets
Anonymous entities have donated at least $11m (£8.2m) in Bitcoin to the Ukrainian war effort so far, world media reported. According to researchers at blockchain analysis firm Elliptic, the Ukrainian government, volunteer groups, and NGOs raised the money by advertising their Bitcoin wallet addresses online.
At the time of writing, more than 4,000 donations had been made. One entity gave an NGO Bitcoin worth $3 million. The average donation is just under $100.
Government asks for donations on Twitter
The Ukrainian government took to Twitter to fundraise on Saturday afternoon, posting:
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.
The addresses for two cryptocurrency wallets posted had accumulated more than $5 million within eight hours. The government has not explained how the money would be spent.
Elliptic founder Tom Robinson told the BBC:
Whereas some crowdfunding and payments companies have refused to allow donations to be made to groups supporting the Ukrainian military, cryptocurrencies have emerged as a powerful alternative.
Scammers pounce
Scammers are tricking unsuspecting users to profit from the current situation in Ukraine. According to Elliptic, social media posts are copying legitimate tweets from organizations accepting donations, with authors replacing the Bitcoin address with their own.
Not all platforms are in
Fundraising platform Patreon suspended the donation page for a Ukrainian NGO called “Come Back Alive”, which has been raising money for Ukrainian forces in conflict zones since 2014. They argued that the page was being used to fund military activity, which was in violation of the company’s policies.
Cryptocurrency fundraising is becoming more popular
As cryptocurrencies enter the mainstream, they are playing an increasingly important role in modern conflicts across the globe.
Ukrainian women and children flee in droves
More than 115,000 Ukrainians have entered Poland since the invasion started. Some are waiting in lines at border cross points 10 miles long. Others have been travelling for more than two days. Mostly women and children are fleeing because Ukrainian men aged 18 to 60 are being ordered to fight, often separating from their families.
Russian stocks tank
Shares of Russian and Russia-exposed companies have plummeted on U.S. and European markets. Shares of Russian internet giant Yandex dropped 50%. Shares of e-commerce platform Ozon Holdings, payment services provider QIWI, and other companies active in Russia have also tanked. Ozon and QIWI lost 38% and 17% respectively.
Kim Forrest, CIO of Bokeh Capital Partners in Pittsburgh, explained to Reuters:
Stocks exposed to Russia are falling because people are worried that these companies may be taken off Nasdaq or may not be allowed to sell their products in the developed world as a punishment.
