Soon after Russia invaded Ukraine, many people started financing the Ukrainian army in cryptocurrencies to support Ukraine. In the last 24 hours, only one group has been donated 400,000 worth of bitcoin.
Come Back Alive, a Ukrainian NGO. This NGO raises crypto funds for the Ukrainian army. Received more than, 400,000 worth of digital tokens in the last one day. Blockchain and crypto analytics firm Elliptic reported this information.
The average amount of financial aid is about 1,000 to 2,000. And the group has received at least 318 personal donations in the last two days.
Pro-Ukrainian groups and pro-crypto groups have also helped on social media platforms such as Twitter and Facebook.
Elliptic said the rise in grants in cryptocurrency indicates that digital assets have "emerged as an important alternative funding method, allowing international donors to bypass financial institutions because funding is blocking aid to these groups."
Elliptic has identified a number of cryptocurrency wallets used by these voluntary groups and NGOs, which together have raised more than 560,000. Most of this has come in the last one year.
The Ukrainian Cyber Alliance has received about 100,000 in bitcoin grants in the past year.
Ukraine's Defense Ministry has also set up a bank account to receive grants for its troops in legal currency.
Cryptocurrency prices have plummeted in the past two weeks amid fears of a Russian invasion of Ukraine, and the market has lost 150 billion since Putin ordered a military operation against Ukraine.