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This article is no longer updated. For the latest details, please refer to the official Ukrainian crypto fundraising page.
Last updated: March 11, 23:30 UTC
The Ukrainian government – and an NGO supporting the military – have raised $63.8 million, through more than 120,000 crypto asset donations, since the start of the Russian invasion. This includes a $5.8 million donation from Polkadot founder Gavin Wood and a CryptoPunk NFT worth over $200,000. This article will be updated with current figures.
On February 26, Twitter accounts belonging to the Ukrainian government published requests for donations of cryptoassets. To date, the Bitcoin, Ethereum, TRON, Polkadot, Dogecoin and Solana addresses mentioned in the tweets have received $54.4 million worth of donations.
The donations include one transaction worth $1.86 million, which appears to have come from the proceeds of the sale of NFTs created by Julian Assange and digital artist Pak. Approximately $200,000 worth of CryptoPunk NFTs were also sent to the Ukrainian government’s Ethereum account.
CryptoPunk #5364 – donated to the Ukrainian government
Several million dollars in crypto donations have also been received by Come Back Alive, a Ukrainian NGO that supports the military – as described in previous Elliptic research. February 24, membership platform Patreon announced that it has suspended the Come Back Alive site for policy violations as a result of his military activity.
Come Back Alive appears to represent an additional large donation. UkraineDAO auctioned the Ukrainian flag NFT for $6.5 million in ETH – the 10th most expensive NFT ever sold. The proceeds will be donated to the NGO.
Most of the donations received so far have been in bitcoins and ethers, although US dollar stablecoins contribute a significant share. But not only crypto assets are donated; people are also sending NFTs to the Ukrainian government’s Ethereum account. One such NFT has a value of approximately $300.
Fundraising campaigns for cryptoassets to support the Ukrainian military are also being organized outside of Ukraine. UkraineDAO is a decentralized autonomous organization, which aims to raise Ether to be donated to Come Back Alive.
Scammers seem to be taking advantage of the current situation by tricking unsuspecting users into donating to Ukrainian causes. Elliptic has identified a number of fraudulent crypto fundraising scams that are taking advantage of the current situation.
