The crypto community has reacted strongly to Russia’s military incursion in Ukraine. The invasion’s news sent Bitcoin (BTC) and other cryptocurrencies plummeting at first.
Since then, the US government has retaliated against Russia’s invasion with strong economic sanctions, allowing cryptocurrency prices to recover from their initial price dip. Among all the doom and gloom in the crypto realm, there are a few voices of hope.
Likewise, Vitalik Buterin, a Russian citizen and co-founder of Ethereum, has spoken out against Russia’s invasion, claiming that the country should not have given up hope of a peaceful resolution.
Moreover, Sam Bankman-Fried, the CEO of FTX, decided to take action and aid Ukrainian merchants financially. “We just paid each Ukrainian on FTX $25 to do anything you need to do,” Bankman-Fried tweeted.
People are using crypto to support Ukrain
Due to the country’s constraints, the crypto community urged the Ministry of Defense to create a crypto wallet in response to a Twitter post asking for donations to the country’s troops.
In fact, as the confrontation between Russia and Ukraine drags on, more people are turning to Bitcoin to help fund the Ukrainian military. People have donated over $400,000 in Bitcoin to the non-governmental organisation Come Back Alive, according to research from blockchain analysis firm Elliptic. The local army receives military equipment, medical supplies, and food from the NGO. Furthermore, an anonymous donor recently donated 80 BTC to a charity group assisting the Ukrainian army, which is worth over $3 million at current pricing.
The Cyber Alliance, a group of Ukrainian cyber activists, received about $100,000 in Bitcoin, Ether (ETH), Litecoin (LTC). As well as a mix of stablecoins over the previous year.
Furthermore, Pussy Riot, a Russian music band known for anti-government rallies, Trippy Labs, and PleasrDAO collaborated to create UkraineDAO. To aid war-torn Ukrainians, the UkraineDAO will sell Ethereum NFTs. Ten thousand NFTs of the Ukrainian flag will be dropped during the NFT drop. The Return Alive Foundation and Proliska, a non-profit organisation, will benefit from the proceeds of this coin’s sale.