Latest News

Ukraine raises $13 million in crypto after crowdfunding appeal

© Reuters. FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier

By Tom Wilson

LONDON (Reuters) – Ukraine’s government has raised cryptocurrency worth almost $13 million after posting appeals on social media for donations of bitcoin and other digital tokens, data from blockchain analysis firm Elliptic showed on Monday.

Ukraine’s official Twitter (NYSE:TWTR) account made the appeal for cryptocurrency donations on Saturday following the country’s invasion by Russia, posting digital wallets addresses for tokens including bitcoin and ether.

Ukraine’s Vice-Prime Minister Mykhailo Fedorov tweeted the wallet addresses. “Stand with the people of Ukraine. Now accepting cryptocurrency donations,” wrote Fedorov, who is also minister of digital transformation.

The donations came as Russian forces seized two small cities in southeastern Ukraine and the area around a nuclear power plant, the Interfax news agency said, but ran into stiff resistance elsewhere as Moscow’s diplomatic and economic isolation deepened.

By 08:50 GMT Monday, the wallet addresses had received crypto worth $12.8 million across almost 17,300 donations, London-based Elliptic said. The company tracks the movement of digital coins on the blockchain, a public ledger that records crypto transactions.

Ukraine’s ministry of digital transformation confirmed the tweets were genuine and added: “How will we use money? To destroy as much Russian soldiers as possible.”

Its crypto crowdfunding appeal is unprecedented. Though some states, notably El Salvador, has embraced cryptocurrencies, Ukraine’s appeal for direct donations is among the first of its kind.

Crypto donations to Ukrainian volunteer and hacking groups have also spiked since Russia launched its invasion on Thursday, Elliptic said this week.

The donations to such groups, some of which have supplied equipment to government forces, grew strongly in January as Russia massed troops near Ukraine’s border ahead of its invasion.

Ukraine raises $13 million in crypto after crowdfunding appeal

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News