Over $9m has so far been donated to the Ukrainian war effort through anonymous Bitcoin donation following the invasion by the Russian troops in the country.
Researchers at Elliptic, a blockchain analysis company, say that the Ukrainian government, NGOs and volunteer groups have raised the money by advertising their bitcoin wallet addresses online.
More than 4,000 donations have been made so far, with one unknown donor gifting Bitcoin worth $3m to an NGO, while the average donation is $95.
The official Twitter account of the Ukrainian state called on users to “stand with the people of Ukraine” and said it was accepting donations in the form of Bitcoin, Ethereum and USDT cryptocurrencies.
It also posted addresses for two cryptocurrency wallets and within four hours had raised more than $3.3m from donations.
Elliptic founder Tom Robinson told the BBC: “Whereas some crowdfunding and payments companies have refused to allow donations to be made to groups supporting the Ukrainian military, cryptocurrencies have emerged as a powerful alternative.”
Cryptocurrency fund raising has become a modern part of war with cases also seen in other recent conflict zones around the world.
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