As the Russian government has declared a war against Ukraine, the support for Ukraine is growing in the crypto community. Russia is an enormously powerful country, well known for supplying military-grade weapons around the world. Therefore, no other country is considering taking a risk against Russia and hence can only pray for Ukraine.Therefore, no other country is considering taking a risk against Russia and hence can only pray for Ukraine.
Moreover, people are generously donating via their crypto wallets in DAOs created to support the Ukrainian army. The US organization, FTX Trading has decided to contribute to some extent to help the citizens in the state of war. The crypto exchange company is donating $25 worth of 749.47 Ukrainian hryvnias to the people of Ukraine who have registered themselves on FTX. Also, the FTX CEO posted on Twitter handle extended his support for Ukraine on the morning of 25th February. He also urges people to show their support in whatever way they can.
Currently, the tweet has received more than 40k likes and has been retweeted at least 4,000 times and the count is still on. While many people are praising the support, some fellows are calling it a marketing strategy.
More supporting groups raise funds in millions.
Recently, a report developed by Elliptic shows ‘Come Back Alive’ organization has raised $400,000 worth of crypto tokens. The anonymous donor pledged to donate more if needed for the Ukrainian army. Come Back Alive, is a Ukrainian governmental organization that works in providing support for the armed forces of Ukraine. Additionally, Elliptic has also identified several other communities, volunteer groups, and NGOs using crypto wallets to receive funds in the form of crypto tokens.
Moreover, the Ukrainian Cyber Alliance has received next to $100,000 worth of Bitcoin (BTC) in a donation in a year. The Elliptic report conveys a 900% increase in such kinds of donations in the year 2021.
Last week, the Ukrainian government passed the bill to legalize cryptocurrencies. Ever since the Crimea invasion by Russia, Ukraine organization been accepting cryptocurrencies as a medium to support the army. The funds are being used for military betterment, providing weapons, medical aid, and other supplies.
Lately, cryptocurrency prices have seen a steep downfall in the past two weeks over FUD (Fear, Uncertainty, and Doubt). When Putin ordered war over Ukraine on Thursday morning, the market lost $150 billion in value.