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Ukraine accepts Bitcoin, Ethereum, USDT donations to fund ongoing war

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27
Feb

Within the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the crypto community on Twitter for raising funds to support its civilians and troops. Ukraine has now started accepting Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) as donations.

As Russia threatens to take over Ukraine’s capital city of Kyiv, the government of Ukraine sought help from numerous international organizations to overpower the imminent threat. However, considering time is of the essence, the official Twitter account of Ukraine extended its call for help to Crypto Twitter.

Additionally, the Vice Prime Minister of Ukraine Mykhailo Fedorov also shared three crypto wallet addresses urging the crypto community to donate and help Ukraine fight against the Russian troops. While the BTC and ETH addresses remain the same, Fedorov’s USDT wallet address is TRC20-based (different from the address shared by Ukraine’s office Twitter handle).

Prominent crypto entrepreneurs including Ethereum co-founder Vitalik Buterin initially suspected that the accounts requesting crypto donations were hacked. However, American diplomat Tomicah Tillemann later confirmed its legitimacy from Ukrainian Ambassador Olexander Scherba.

As a direct result of the ongoing war, Ukrainian civilian-turned refugees have reported the loss of access to their fiat savings and credit cards. The United Nations (UN) reported that over 150,000 people have been displaced from Ukraine as of Feb. 26.

While confusion prevailed about the intended use of the crypto donations, Buterin shared another decentralized autonomous organization (DAO) initiative that focuses solely on Ukrainian citizens.

UkraineDAO, led by Pussy Riot’s Nadya Tolokonnikova, launched with the release of a 1/1 nonfungible token (NFT) of the Ukrainian flag to raise funds for Ukrainian civilian organizations to help those suffering from the war initiated by Putin.

On Feb. 24, Cointelegraph reported that Ukraine’s Ministry of Defence received numerous requests from foreigners for crypto donations. 

Although unconfirmed, it is now believed that proceedings to the addresses shared by the Ukrainian government will be used directly by the government while the DAO proceedings will be redirected towards the citizen welfare via an NGO. 

Related: Crypto community reacts to Russia’s war in Ukraine

As soon as the Russia-Ukraine war broke out, prominent crypto entrepreneurs took proactive efforts to aid Ukrainians. FTX CEO Sam Bankman-Fried was one of the first to offer monetary support to FTX traders from Ukraine.

As Cointelegraph previously reported, the Ministry of Defense was asked by the crypto community to set up provisions to accept crypto donations — which was previously unavailable.

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