Since the beginning of Russia’s full-scale invasion last year, Ukraine racked up $225 million worth of donations in cryptocurrencies alone, according to blockchain intelligence firm Crystal Blockchain. This money was used to purchase weapons, ammunition, medical equipment, and other war supplies.
In March 2022, the most donations were made, as the war had just started and global support for Ukraine was the strongest. Humanitarian initiatives attracted more donations than military-oriented campaigns, with $134 million and $91 million raised, respectively.
The majority of donations came in the form of USDT ($83 million), followed by ether ($79 million) and bitcoin ($41 million). Smaller cryptocurrencies such as Binance USD (BUSD), Polkadot’s DOT, and others made up the rest.
In comparison, Russia’s military and paramilitary units have been using crypto to get material support from Russians and sympathizers abroad. However, these fundraising efforts have been much more clandestine and have raised much smaller amounts – Crystal estimates that only $2 million in crypto has been donated.