Bitcoin donations surge for Ukrainian army amid Russian invasion

In 2021, pro-military Ukrainian groups received $570,000 in Bitcoin donations. In the past 24 hours, more than $400,000 in BTC has been sent to just one of these organizations. Come Back Alive, a Ukrainian NGO that raises crypto funds for the Ukrainian army, received more than $400,000 worth of Bitcoins, according to analysis from UK-based blockchain and crypto analytics firm Elliptic.

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The average amount donated is around $1000 to $2000 and the group has received a minimum of 317 individual donations in the past two days, reported Fortune

Pro-Ukraine organizations and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.

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According to Elliptic, the rise in donations in cryptocurrencies signifies that digital assets have emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking funding to these groups.

The hundreds of crypto-asset donations amounting to several hundred thousand dollars have been sent to these groups and over 900% increase from 2021.

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According to a report by Decrypt, this group provides support to the Ukrainian army by supporting their soldiers, said Elliptic research lead, Jess Symington. They have received very fewer amounts of donations since August 2021, just around $4000 to $5000 per month but suddenly it just shot up starting around the 22nd of February, he said.

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The Ukrainian Cyber Alliance has received around $100,000 in Bitcoin donations over the last year.

The funding is urgently required from the Ukrainian perspective. Ukraine’s Ministry of Defence has also set up a designated bank account to receive donations for its army in legal currencies.

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Cryptocurrency prices have plunged in the last two weeks over fears of a Russian invasion of Ukraine and the market has lost around $150 billion in value since President Vladimir Putin declared war on Ukraine on Wednesday after several month-long buildups of Russian troops on the border. Putting is calling the invasion a “special military operation.”

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Ukrainian organizations started adopting crowdfunding methods in 2014 when Russia-aligned President Viktor Yanukovych was removed from the position during the Maidan Revolution. Now it has become a commonplace for NGOs and volunteer groups to fundraise for weapons and medical supplies that soldiers can use. Come Back Alive also has a Patreon account with membership levels denoted by weapons.