Ukrainian Government Raises $13 Million in Cryptocurrency After Crowdfunding Appeal

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The Ukrainian government has collected cryptocurrency worth nearly $13 million after posting calls on social media for donations of bitcoins and other digital tokens, data from the cryptocurrency firm showed on Monday. Elliptic blockchain analysis.

Ukraine’s official Twitter account on Saturday appealed for cryptocurrency donations after Russia invaded the country, posting addresses of digital wallets for tokens including bitcoin and ether.

Ukrainian Deputy Prime Minister Mykhailo Fedorov tweeted the wallet addresses. “Stand with the people of Ukraine. Accept cryptocurrency donations now,” wrote Fedorov, who is also minister of digital transformation.

The donations came as Russian forces seized two small towns in southeastern Ukraine and the area around a nuclear power plant, the Interfax news agency said, but were met with a strong resistance elsewhere as Moscow’s diplomatic and economic isolation deepened.

As of 08:50 GMT on Monday, wallet addresses had received crypto worth $12.8 million from nearly 17,300 donations, London-based Elliptic said. The company tracks the movement of digital coins on the blockchain, a public ledger that records crypto transactions.

Ukraine’s Ministry of Digital Transformation confirmed the tweets were genuine and added, “How are we going to use the money?” Destroy as many Russian soldiers as possible.

Its appeal for crypto crowdfunding is unparalleled. Although some states, including El Salvador, have embraced cryptocurrencies, Ukraine’s call for direct donations is among the first of its kind.

Crypto donations to Ukrainian volunteers and hacking groups have also increased since Russia launched its invasion on Thursday, Elliptic said this week.

Donations to these groups, some of which provided equipment to government forces, rose sharply in January as Russia massed troops near the Ukrainian border ahead of its invasion.

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