Ukraine accepts Bitcoin, Ethereum, USDT donations to fund ongoing war

The Ukrainian government reached out to the cryptocurrency community via Twitter within the first week of Russia-Ukraine’s war to raise funds for its troops and civilians. The Ukraine now accepts donations in Bitcoin (BTC), Ethereum(ETH) and Tether ($USDT).

The government of Ukraine sought international assistance to counter Russia’s threat to Kyiv as Russia is threatening to seize control of the capital. The official Twitter account for Ukraine called for assistance to Crypto Twitter, but time is critical.

Support the Ukrainian people. Accepting cryptocurrency donations Bitcoin, Ethereum, and USDT. BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Ukraine / Ukrayina, (@Ukraine), February 26, 2022

The Vice Prime Minister of Ukraine Mykhailo Federorov shared three addresses for crypto wallets, urging crypto users to support Ukraine’s fight against Russian troops. The BTC and ETH addresses are the same. However, Fedorov’s USDT wallet address has a TRC20 basis (different from that shared by Ukraine’s Twitter handle).

Support the people of Ukraine. We now accept cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20) BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14 USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov, @FedorovMykhailo, February 26, 2022

In the beginning, prominent crypto entrepreneurs like Vitalik Buterin, co-founder of Ethereum, suspected that accounts asking for crypto donations had been hacked. American diplomat Tomicah Tillemann confirmed the legitimacy of the account from Olexander Scherba, the Ukrainian Ambassador.

It’s been confirmed by a few sources. For now, I am deleting my warning. Keep alert and be careful when sending irreversible cryptocurrency transactions. https://t.co/Odv5pxf3mp
— Vitalik.eth (@VitalikButerin), February 26, 2022

The ongoing conflict has caused many civilians in Ukraine to become refugees. They have lost access to their credit cards and fiat savings. According to the United Nations (UN), more than 150,000 people were displaced from Ukraine by February 26th.

My Ukrainian credit cards are no longer valid. My savings and physical safety are good in Kazakhstan. Crypto is my only remaining money, and I can confidently say that $BTC and $ETH are going to save me while I’m not able to return home.
— ARTYOM FKsDOSOV, @usleepwalker, February 25, 2022

Although there was some confusion about the intended purpose of crypto donations, Buterin shared a decentralized autonomous organization initiative (DAO), which focuses exclusively on Ukrainian citizens.

Here’s your chance to help the Ukrainians! Proceeds will go to civilian efforts to help Ukrainians affected by the war. https://t.co/GD7Qlw61nT
— Vitalik.eth (@VitalikButerin), February 26, 2022

UkraineDAO was launched by Nadya Tolokonnikova of Pussy Riot. It is a nonfungible token (1 NFT) of the Ukrainian flag. This token will raise funds for Ukrainian civil organizations that are helping those who have been affected by the war started by Putin.

Cointelegraph reported on February 24, that the Ministry of Defence of Ukraine received many requests for crypto donations from foreigners.

Crypto donations can be very helpful. It is fast, secure, and easy.
— timo (@tymo_tt) February 24, 2022

Unconfirmed but believed to be true, proceedings to addresses shared by Ukraine’s government will be used by the government directly while DAO proceedings will redirect towards citizen welfare via NGO.

Related: The reaction of the crypto community to Russia’s invasion of Ukraine

Prominent crypto entrepreneurs made proactive efforts to help Ukrainians as soon as the Russia-Ukraine conflict broke out. Sam Bankman-Fried, CEO of FTX, was the first to offer monetary assistance to FTX traders hailing from Ukraine.

We just gave $25 each to every Ukrainian on FTX. Do what you gotta do!
— SBF (@SBF_FTX February 24, 2022

Cointelegraph reported that the crypto community asked the Ministry of Defense to create provisions for accepting crypto donations. This was previously not possible.

https://cointelegraph.com/news/ukraine-accepts-bitcoin-ethereum-usdt-donations-to-fund-ongoing-war

Charles Griffin

Charles Griffin – Business and Transportation I am Charles Griffin with more than 10 years of experience in the Stock market industry, I am energetic about Finance and Business news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of Magnewspress.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Business News category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.  

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