Crypto Community Donates Towards Ukrainians Amid Russian Invasion

The conflict between Russia and Ukraine has entered into yet another day. During the first day of this conflict, the cryptocurrency market went into a free fall, with the global market cap falling below $1 trillion. The market has recovered slightly, with Bitcoin going back to the $39K levels.

The cryptocurrency community has weighed in on the events happening in Ukraine, with some condemning the invasion, while others have even started donations directed towards the Ukrainian people and government.

Crypto community reacts to Russia-Ukraine crisis

The co-founder of Ethereum, Vitalik Buterin, is one of the most prominent people in the crypto community that have spoken on the crisis between Russia and Ukraine. The 28-year developer was born in Russia, but he has expressed his displeasure about the invasion. Buterin noted that the invasion was bad for both the Ukrainian and Russian people.

However, Buterin added that while Ethereum was neutral about the entire issue, he was not. He even ended his tweet with “Glory to Ukraine.” He also said that the two countries should have a peaceful resolution on the matter.

The CEO of FTX, Sam Bankman-Fried, has also reacted to the situation. The executive has offered monetary support to Ukrainian users with accounts on the platform. In a tweet, the executive said, “We just gave $25 to each Ukrainian on FTX do what you gotta do.” This is the largest exchange in the cryptocurrency community to offer such monetary support.

Bankman-Fried also shared insights on the effects of the Russia-Ukraine crisis on the cryptocurrency community. He noted that Bitcoin should not have reacted the way it did, given that it is a hard currency. In terms of crisis, people turn towards hard currencies to store their wealth, but Bitcoin reacted opposite to what was expected.

According to the executive, the price trend was caused by a push and pull between fundamental investors and algorithmic investors.

Crypto donations in crypto

However, donations have been pouring into Ukrainians. The cryptocurrency community has urged that donations be made to the Ukrainian troops. The community also called upon the Ministry of defence in Ukraine to set up a crypto wallet used to make crypto donations. However, no wallet has been created due to the country’s regulations regarding digital assets.

As the situation between Russia and Ukraine continues to intensify, more people are now turning towards cryptocurrencies to donate to the Ukrainian army. Bitcoin donations are pouring, and according to Elliptic, a blockchain analysis firm, more than $400,000 worth of Bitcoin has been donated to Come Back Alive, a  non-governmental institution based in Ukraine.

Come Back Alive is an NGO that offers military equipment to the local armed forces. Some of the donations made through this NGO include medical and food supplies. An anonymous contributor made an 80 BTC donation valued at more than $3 million to the charity organization that supports the Ukrainian army.

The cyberspace in Ukraine is also receiving donations. Cyber Alliance, an organization comprised of cyber activists in Ukraine, has received more than $100,000 worth of Bitcoin, Ethereum, Litecoin and other stablecoins within the past year.

Pussy Riot, a Russian-based rock band popular for protesting against the Russian government, will work with Trippy Labs and PleasrDAO to create the UkraineDAO. Through the UkraineDAO, Ethereum will be sold to help the Ukrainians affected by the war.

The initiative will include 10,000 NFTs bearing the Ukrainian flag, which will be dropped, and the money raised through the sale of the NFTs will be donated to NGO Proliska and the Return Alive Foundation.