Ukrainian Aid in Crypto Donations Reaches $136M

Ukrainian Aid in Crypto Donations Reaches $136M

A surge in cryptocurrency donations to support Ukraine in the last four weeks has brought the total to nearly $136 million, TRM Labs, a blockchain intelligence firm, announced Wednesday (March 30).

An analysis of about four dozen crypto-donation charitable campaigns for Ukraine by the San Francisco-based research company has identified fundraising drives that used novel approaches to raise money. The Russian invasion of Ukraine began Feb. 24.

Of the $136 million raised, government entities, including Aid for Ukraine, the Cyberpolice of Ukraine, and the Ministry of Health of Ukraine, have received more than $50 million in donations so far.

Nonprofits fueled by Twitter, such as Come Back Alive and UkraineDAO, have received $50 million in contributions by raising money across bitcoin, Ethereum, Tron and Binance Smart Chain.

More than 85% of the campaigns solicited donations in bitcoin and Ethereum, while Tron, Litecoin and Binance Smart Chain followed at a distance.

Donations peaked March 2 with $30 million. Since then, researchers said donations have declined. For the week of March 21, donations averaged $500,000 daily.

Before donating to any charity, TRM recommends givers scrutinize the internet presence of a charitable campaign operator prior to donating and read reviews from prior donors.

Earlier this month, nearly two dozen tech companies launched a charity to encourage FinTechs to donate and raise money for those impacted by the Russia-Ukraine war.

Read more: FinTechs Join Ukraine Fund Appeal

As more than 2 million Ukrainians are being forced to flee their homes and seek refuge in neighboring countries, FinTechs for Ukraine was launched to support those in urgent need because of the conflict.

The fundraising appeal was organized by the European FinTech community, in part, because many workers in the sector live and work in Ukraine.

“As we watch the horror unfolding in Ukraine, we really wanted to find a way to help,” Lili Metodieva, managing director of United Kingdom-based digital payments provider Monneo, said in a statement at the time.