Ukraine and its crypto funds

Ukraine – Russia

The Ukraine-Russia war is a conflict that began in 2014 when Russia annexed Crimea, a region previously belonging to Ukraine. Following this, pro-Russian separatists in eastern Ukraine declared independence, leading to an ongoing conflict between Ukrainian government forces and separatists, with Russia being accused of providing support to the separatists.

The conflict has resulted in thousands of deaths and displacement of people utpo date. Despite ceasefire agreements and peace talks, sporadic fighting and tensions continue to this day. The war has also led to international condemnation and sanctions against Russia.

Crypto funds 

Ukraine has received over $70 million donation in crypto currency. This fund was used for its military operations and manpower needs. 

This figure of $70 million was reported by Chainalysis which is a blockchain data platform on 24th February. The majority of these funds are Bitcoin and Ether. 

Ether donors gave away 28.9 million and other donors of Bitcoin and Tether gave away a share of 22.8 million and 11.6 million respectively as given by the data reports by Chainalysis and the following barchart was published by them. 

Even non fungible tokens have played a major role in gathering millions of funds , Especially the Ukrainian flag NFT was sold at an auction for 6.1 million

Vice Prime minister’s tweet

In August the vice Prime Minister and the minister of digital transformation Mykhailo Fedorov tweeted saying that most of these funds were used for the purpose of military , defense , health care , clothing and range of vehicles during the war as an aid. 

Ukrainian deputy minister Alex Bornyakov said in an interview that if the traditional financial system had been used to gather funds then it would have been an delay to get funds at appropriate time during the need this digital financial system made the timely need to be met. 

Russia not funded? 

Chain analysis has also published the data of how the Russian military used the funds which were provided to them. 

There is a mismatch in the entries of the incomes and the expenses of the Russian military which is expected to be taken by the celebrities of Russia. 

However we got to know the crucial role of the crypto currencies in the world and we are also aware from the act of both Ukraine and Russia that the efficiency of the usage of these platforms depends on the intention of the users. 

As a conclusion we can say that Ukraine used their funds in an efficient way whereas Russia used it in a selfish manner which can also be said as wrong intention. 

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