/$4.4 Million In Bitcoin Has Been Donated To Ukrainian Military Support Groups

$4.4 Million In Bitcoin Has Been Donated To Ukrainian Military Support Groups

  • $4.4 million in bitcoin donated to charity group “Come Back Alive.”
  • $23.5K donated to Kyiv Independent, an English news publication based in Ukraine.
  • The Ukrainian government cannot accept bitcoin donations, leading to an influx of non-governmental organization donations.

Bitcoin donations to Ukrainian efforts have exponentially increased since Bitcoin Magazine reported yesterday that $500,000 in bitcoin donations had been made to a wallet operated by Come Back Alive, a Ukrainian non-governmental organization that is providing assistance to the country’s military during their time of war with Russia.

Publicly available data, aggregated by blockchain.com shows that 109 BTC worth more than $4.29 million is the wallet’s current balance at the time of writing, with 113 BTC worth over $4.44 million being donated to the wallet in total. Come Back Alive has already distributed over 4 BTC worth $157k, leaving us with the aforementioned balance. The wallet currently has 1,659 total transactions and counting.

As the Ukrainian government asks the world for donations on their Twitter account, one clear logistical issue is the currencies Ukraine can actually accept as donations: US dollars, Euro, British Pound sterling, Swiss francs, Canadian dollars, Polish zloty, Czech crowns, Russian rubles, Australian dollars.

When Twitter users flocked to their post asking the government to accept donations in bitcoin and other cryptocurrencies, the Ukrainian government made an update to their publication addressing bitcoin. According to Ukraine Now, they cannot accept bitcoin.

With this legal barrier, donations of bitcoin are only possible through non-governmental organizations, such as Come Back Alive. Others are donating to separate addresses and organizations as well. Kyiv Independent, an English publication based in Ukraine has received $23,553 in Bitcoin donations.

The Kyiv Independent addressed their followers and donors on Twitter saying, “We’re dealing with increased volumes of traffic, attacks and an unpredictable situation on the ground. Your support is what keeps us going.”

Bitcoin Magazine has covered the traceability of these payments, specifically to this exact same address, highlighting the need for furthering privacy practices to support both the donors and those being donated to. 

Original Source