While the crypto market has been topsy turvy over the last few months, it is now becoming highly in demand on the battlefield. In a series of tweets, the Ukrainian government requested donations in crypto from investors globally. The tweets listed online wallet addresses for Bitcoin, Ether, and Tether, which are the three most popular cryptocurrencies at this point in time.
And surprisingly enough, the world responded. Since the tweets came out, Ukraine has collected more than US$33.1 million worth of digital assets as of the 1st of March. The crypto funds were provided to the Ukrainian government as well as NGOs supporting the country’s military.
According to a report by Elliptic, the majority of donations received to date have been in Bitcoin and Ether, although US dollar stablecoins contribute a significant proportion. But it’s not only crypto assets that are being donated, people are also sending NFTs to the Ukrainian government’s Ethereum account.
Elliptic also reported that some of the crypto fundraising campaigns are happening outside of Ukraine. For example, UkraineDAO is a decentralized autonomous organization, which aims to raise Ether to be donated to Come Back Alive. Come Back Alive is a Kyiv organization that raises funds to arm and train military personnel in Ukraine.
EXCHANGES WILL BLOCK RUSSIAN CRYPTO ACCOUNT?
Binance said Monday it will block the accounts of Russian individuals who have been sanctioned, but will not “unilaterally” freeze the accounts of all Russian users.
The comments come after Ukraine’s vice prime minister called on major cryptocurrency exchange to block all Russian user accounts.
“We are not going to unilaterally freeze millions of innocent users’ accounts,” a spokesperson for Binance, the world’s biggest cryptocurrency exchange, told CNBC.
“Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”
Kraken crypto exchange won’t shut down Russian accounts unless legally required, CEO says
One of the world’s largest cryptocurrency exchanges won’t shut down Russian accounts unless the State Department orders it to do so, according to its CEO.
Kraken CEO and co-founder Jesse Powell said the San Francisco-based company is within legal sanctions requirements and is working with law enforcement to make sure banned accounts don’t slip through the cracks. But total bans are unfair to average Russians, who might not support the country’s invasion of Ukraine, Powell said.
“It’s a pretty extreme measure, and it’s far beyond turning off someone’s access to their music streaming service, or their their photo sharing app,” Kraken’s CEO told CNBC’s Crypto World in an interview. “Shutting off someone’s financial access is something we take very seriously.”
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