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Crypto community reacts in support of Ukraine, here are some key developments

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25
Feb
  • Members of the crypto community have stretched helping hands to Ukraine in the wake of the Russian invasion. 
  • FTX founder and CEO Sam Bankman-Fried gave all Ukrainian FTX users $25 each

The crypto community has moved to support Ukraine after Russia invaded the country. Russia vs. Ukraine has made headlines and caused panic, especially among Ukrainians. The war has impacted the global stock markets with the US enacting new sanctions against Russia. At the same time, the crypto community has responded by offering support to Ukraine. 

Crypto community comes to Ukraine rescue

Prominent names in the crypto industry, including CEOs, founders, and other crypto enthusiasts, have commented on the ongoing happiness between Russia and Ukraine, with some offering help to Ukraine.

Changpeng Zhao, the CEO of the world’s largest crypto platform, Binance, suggested that help is what people need “on a day like this.”Another member of the crypto community who has shown concern for Ukraine amid this chaos is the CEO of crypto exchange company OKEx. Hao said the platform has reached out to all local Ukraine employees who were affected by the invasion. According to Wu Blockchain, OKEx is currently working to find resources to help affected Ukraine residents move to a safer location. 

In support of Ukraine, FlexPool mining pool also plans to cut off its services to all Russian IPs. The mining pool said it would tender apologies and payout outstanding balances to Russian miners. Wu Blockchain noted that the FlexPool mining pool is currently the fourth-largest Ethereum pool. 

Furthermore, FTX founder and CEO Sam Bankman-Fried announced that the crypto exchange just gave $25 to each Ukrainian on the platform.

Since the Russian invasion of Ukraine, the Ukrainian crypto exchange Kuna’s trading volume has jumped more than 3X. As of yesterday morning Asia time, Kuna’s 24-hours trading volume was about $1.5 million. In addition, the price of Bitcoin on the Ukrainian exchange is nearly $3,000 higher than the global price. Earlier today, BTC was selling on Kuna at $41,554, while it traded at $38,733 (at global price). The price of the top crypto asset reacted in reaction to a declaration of a “special military operation” by Russian President Vladimir Putin. Putin said the special military operation was for the “demilitarization and de-Nazification of Ukraine.”

Related: Bitcoin tanks as Russia goes to war with Ukraine, here’s what the charts suggest

Russia faces sanctions from the US and Europe

Putin’s actions have triggered the US and Europe to sanction Russia. The US recently put out new sanctions on Russia, preventing the country from accessing foreign capital. Nevertheless, the Russian president has categorically said he has no intention of reversing his orders. Putin said:

Anyone who tries to interfere with us, or even more so, to create threats for our country and our people, must know that Russia’s response will be immediate and will lead you to such consequences as you have never before experienced in your history. We are ready for any turn of events.

With sanctions here and there, experts have revealed that Russia may use crypto as an escape route. Instead of using bank transfers, Russia intends to conduct transactions to interested entities using crypto as a payment method. This has a precedent back in 2014 when the United States imposed some sanctions on the country. 

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