In the context of the Russian invasion, Ukraine announced, through its deputy prime minister, that it was accepting cryptocurrency donations. Since then, several million dollars have been received on the addresses put forward by the government.
The power of cryptocurrencies in the Ukraine war
Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation, announced on Saturday that his government was accepting donations in cryptocurrencies in order to support its people against the Russian invasion. With Ukrainians limited on fiat currency and no access to physical banks, we fully grasp the power of Bitcoin (BTC) and other crypto-assets in their potential to help a population in need.
Initially, Vitalik Buterin, the originator of Ethereum (ETH), called for caution regarding a possible hack of the Ukrainian government’s social networks, before confirming that the addresses were genuine. A precaution that is worth remembering in this particular context where many scams could flourish.
To receive donations, the government has made available addresses on 3 different blockchains:
- Bitcoin (BTC): 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P;
- Ethereum (ETH): 0x165CD37b4C644C2921454429E7F9358d18A45e14 ;
- Tron (TRX) for USDT TRC20: TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
Stand with the people of Ukraine
Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH – 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) – TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
– Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022
Since then, thousands of donations have poured in, amounting at the time of writing to nearly $11.4 million:
- Bitcoin Network (BTC), $4 million in bitcoins;
- Ethereum (ETH) network, $6.4 million in ethers and altcoins;
- TRC20 network, $1 million in USDT donations.
Note that the TRC20 network funds then appear to be transferred back to this address, which has $8.3 million in USDT and TRX.
Justin Sun, the founder of the Tron ecosystem (TRX), donated USDT 200,000 himself. Two anonymous donors have sent 26 and 20 bitcoins, or $1 million and $780,000 respectively.
One of the big advantages of our ecosystem is its public environment. It allows us to track funds, which is not possible with other financial technologies for the average person. But some may recall Christine Lagarde’s words on 16 September:
“Cryptosurprisingly, we are not the only ones to have a very good track record.
“Cryptos are not currencies. Full stop. “
But where traditional transfers would have taken several days to arrive, with cryptocurrencies Ukraine has an almost instantaneous supply of cash, and whose proper use can be verified by anyone. A far cry from the negative image that is regularly lent to crypto-assets, although one would have liked to have not demonstrated it in the context of an armed conflict.
