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Ukraine Spent $54 Million in Crypto on Military Equipment

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Vice Prime Minister of Ukraine Mykhailo Fedorov revealed yesterday how $54 million in cryptocurrency donations had been used.

The most expensive item was a crewless aerial vehicle (or drone), costing $11.8 million. The nation spent $5.7 million on computer equipment and software and $6.9 million on armored vests.

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.,” Tweeted Fedorov.

Since Russia started its invasion of Ukraine, more than $60 million in cryptocurrency has been contributed, according to the group.

The donations were processed by Aid For Ukraine, nonprofit supporting humanitarian efforts and the Ukrainian Armed Forces, and powered by cryptocurrency exchange FTX, Everstake, Kuna, and the Ministry of Digital Transformations of Ukraine.

Crypto to the Rescue in Ukraine

Since the invasion started, cryptocurrency has significantly allowed individuals worldwide, including Russia, to assist Ukrainian efforts.

On February 26, the Ukrainian government posted addresses for contributions in the form of Bitcoin, Ethereum, and Polkadot to “Stand with the people of Ukraine.” The administration acquired $50 million in cryptocurrency donations one week later.

According to a report from Elliptic, contributions include $5 million from Polkadot co-founder Gavin Wood, $200,000 from CryptoPunk, and a $1.26 million donation from the sale of an NFT by Julian Assange and digital artist Pak.

Ethereum co-founder Vitalik Buterin, a Russian-Canadian, gave Aid for Ukraine $2.5 million worth of the cryptocurrency, equivalent to 31,000 medical kits, 364,000 emergency aid, and 585 radio channels for the Ukrainian military, “the nonprofit stated.

The Ukrainian Ministry of Digital Transformations also introduced the Meta History Museum of War, which sells ready-to-buy NFTs of recent accounts of events and occurrences during times of war.

Fedorov tweeted,

“While Russia deploys tanks to devastate Ukraine, we rely on cutting-edge blockchain technology.”

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  • Source: https://chaintimes.com/ukraine-spent-54-million-in-crypto-on-military-equipment/
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