Ukraine had raised $54 million in cryptocurrencies at the start of the war, following an appeal for donations. And the deputy prime minister recently released details of that spending, which was used to buy weapons, drones, and other crucial equipment for the Ukrainian military.
What were the cryptocurrencies sent to Ukraine used for?
Ukraine’s Deputy Prime Minister Mykhailo Fedorov posted an account on his Twitter account reporting what the cryptocurrencies received were used for:
With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f
– Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022
With the $54 million raised by AidForUkraine, we have provided our defenders with military equipment, protective clothing, medicine and even vehicles. Thanks to the crypto community for their support since the beginning of this large-scale invasion!”
Breakdown of cryptocurrency donations made to Ukraine
If you look at this report, you can see that the largest single item of expenditure was 213 drones (UAVs), purchased for $11.8 million. Bullet-proof vests are a close second, with Ukraine having purchased 8,460 of them at a cost of $6.9 million.
Another important item of expenditure is weapons. The ministry does not disclose the number of weapons, but it is known that Ukraine purchased $5 million worth of them. A revealing point of expenditure is also the “anti-war media campaign”, with Ukraine spending $5.2 million to promote its position via a communication campaign.
Rations and digital progress
More purely logistical spending points are also noted: rations for soldiers, fuel, as well as vehicles (1.5 million dollars). There was also a $5.7 million expenditure on “specific software and computer equipment”. Proof that the war in Ukraine is definitely being fought on the digital side.
The progression of technology has been a key point in Ukraine’s resistance to the invasion, if we are to believe another publication by Mykhailo Fedorov. In mid-August, he explained that the use of modern Western weaponry had “changed the game” and enabled the country to resist a Russian army with more dated equipment.
The unprecedented aspect of this funding should also be highlighted: this is the first time that a country at war has relied on donations in cryptocurrencies. Unlike fiat currencies, which are restricted in wartime, crypto assets allow for quick, unthinkable shipments.
