Report: Ukraine has received more than US $70 million in cryptocurrency donations
It is reported that, according to a report recently released by the blockchain data platform Chainalysis, since the beginning of the Russia-Ukraine conflict, Ukraine has received more than 70 million dollars in cryptocurrency donations, providing military equipment and humanitarian assistance to the country. Among them, ETH grants reached US $28.9 million, ranking the first, while BTC and USDT grants were US $22.8 million and US $11.59 million respectively. In addition, donations are also made in the form of NFT. For example, the Ukrainian flag NFT auctioned by UkraineDAO was sold at a price of 6.1 million US dollars.
Interpretation of this information:
The recent report released by blockchain data platform Chainalysis has shed light on the impact of cryptocurrency donations in the Ukraine-Russia conflict. The report states that Ukraine has received over $70 million in cryptocurrency donations, which has been used to provide military equipment and humanitarian aid. In particular, Ethereum grants have made the largest contribution, accounting for $28.9 million of the donations received. Bitcoin and USDT grants followed closely behind, contributing $22.8 million and $11.59 million respectively. The use of NFTs as a form of donation has also emerged, demonstrated by the auctioning of the Ukrainian flag NFT by UkraineDAO that sold for a staggering $6.1 million.
The increasing use of cryptocurrency in conflict situations highlights its potential in bypassing traditional banking channels and complicating the tracking of resources by external actors. The Chainalysis report suggests that the transparency of the blockchain technology used in cryptocurrency may in fact be a benefit in this context, as donations can be more easily tracked and accounted for. Cryptocurrency may also provide an alternative means for individuals and organizations to contribute to humanitarian relief efforts, which can be particularly important when traditional channels are either blocked or unreliable.
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