On Saturday, a tweet was posted on the Ukrainian government's official Twitter profile explicitly asking for donations of Bitcoin, Ether and Tether.
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ether and USDT.Bitcoin – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
Ukrainian government asks for bitcoin donations
Initially, it was thought that the profile had been hacked, as Vitalik Buterin had implied, but then several official confirmations arrived, making it clear once and for all that the profile had not been hacked, that it was indeed verified by the Ukrainian government, and that the request was therefore legitimate.
At that time, many donations began to arrive.
For example, over 115 BTC have been received at this time, with a total value of over $4.5 million.
In addition, nearly 2,000 ETH, worth over $5 million, and over $1 million in USDT were donated.
Donate using cryptocurrency
Most of the tokens received have been used up and only 17 BTC and 122 ETH are now left on the address provided by the government.
However, it is not known how they are spent.
There is speculation that they are being sent to cryptocurrency exchanges and possibly sold in fiat currency.
Since these are contributions collected by the Ukrainian government, many speculate that these funds are currently being used primarily for the purchase of weapons and military supplies and will be paid in legal tender.
Ukraine is collecting bitcoin donations
However, there is also speculation that those managing these funds on behalf of the Ukrainian government may have withdrawn them for other purposes, not necessarily related to the needs of the country.
In this case, the problem is that we know how much money is coming in and to whom, but we don't know how the money will be spent once it arrives. The donations are in the thousands and it is hoped that the funds donated will first be used to help the people of Ukraine defend themselves against the violent aggression of the Russian military.
No similar support for similar initiatives of the Russian military is known.
10 million from Cryptocurrency to support Ukraine
Cryptocurrency Exchange has also donated $10 million "to help the humanitarian crisis in Ukraine".
#Coin donates $10 million to help Ukraine respond to humanitarian crisisOur focus is on providing on-the-ground support through charity and cooperation. @BinanceBCF has also launched the Ukraine Emergency Relief Fund to provide emergency relief through cryptocurrency crowdfunding.
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