• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Ukraine

Ukraine Raised $212 Million In Crypto Since War Broke Out, Study Shows

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The conflict between Ukraine and its invading power Russia has been raging on for a little over a year, with no end in sight.

Both sides have been relying on every available resource to support their military and humanitarian activities, and it seems that crypto assets and technology have become the latest tools in their arsenal.

A recent report by Elliptic, a blockchain forensics company, revealed that both countries have been accepting donations in the form of digital assets.

However, the report also showed that the targeted nation, Ukraine, has attracted more digital asset donations than its invader.

Since Russian forces attacked Ukraine on February 24th, 2022, both sides have been utilizing blockchain technology to obtain funding for their military campaigns, according to a recent report by Elliptic.

Image: Center for Strategic and International Studies

The report, which delves into the ever-changing role of cryptocurrencies in the ongoing conflict, draws upon data gathered by the crypto analytics company throughout the course of the past year.

In a stunning disclosure, the latest analysis of transactions traced by Elliptic has uncovered where the bulk of crypto assets have been flowing to in the ongoing conflict.

Related Reading: Bitcoin Attracting Banks: Study Shows Over 130 US Lenders Are Exploring Crypto

Elliptic Report: $212 Million In Crypto For Ukraine

A staggering $212.1 million worth of digital assets have been channeled towards supporting Ukraine, while anti-government organizations in Belarus, a staunch political and military ally of the Russian Federation, received a mere $0.7 million in comparison.

The findings shed light on the staggering scale of the conflict and the immense pressure both sides are under to secure funding to fuel their military campaigns.

Just about $5 million has been collected in cryptocurrency donations by pro-Russian organizations, including those supporting the Russian military and affiliated militias.

Other organizations, including some with ties to sanctioned groups, have tried and failed to replicate Ukraine’s achievements with NFTs and DeFi.

The Chainalysis Findings: $70 Million In Crypto

Meanwhile, in the one-year anniversary of Russia’s invasion of Ukraine, a new study by Chainalysis revealed that the Ukrainian government had received only $70 million in crypto donations during the conflict.

The blockchain data platform highlighted how the government had effectively leveraged cryptocurrencies, particularly Bitcoin (BTC) and Ethereum (ETH), to support their war efforts.

Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com
Related Reading: Metaverse To Become Venue Of Colombia’s Court Trials – Here’s Why

In the face of the chaos and devastation caused by the Russian invasion, Ukraine was able to turn to cryptocurrencies for a glimmer of hope. The speed of crypto payments would prove to be a crucial factor in the country’s ability to respond to the conflict, according to Ukrainian deputy digital minister, Alex Bornyakov.

In a recent interview with Yahoo Finance, Bornyakov explained how the ability to receive crypto donations had fast-tracked the country’s ability to respond to the invasion, providing a much-needed boost to their military campaign.

The donations came pouring in during the first few months of the war, with approximately 80% of the total $70 million in crypto funds received in this period.

-Featured image from Foreign Affairs

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

3 Next Crypto to Explode as Morgan Stanley Issues 'Huge' Crypto Guidelines

Morgan Stanley Turns Cautiously Bullish – 3 Cryptos Poised to Explode Next

3 hours ago
Bitcoin Hyper Raises $1M in a Week – Could It Be the Next 1000x Crypto?

Bitcoin Hyper Raises $1M in a Week – Could It Be the Next 1000x Crypto?

5 hours ago
Best Crypto to Buy After Grok's Explosive Bitcoin Price Prediction

Best Crypto to Buy After Grok’s Explosive Bitcoin Price Prediction

6 hours ago
Solana is ‘The New Wall Street’ Says Bitwise Exec, as Snorter Token’s Presale Explodes.

Solana is ‘The New Wall Street’ Says Bitwise Exec, as Snorter Token’s Presale Explodes

6 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 6)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 6)

3 hours ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 6)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 6)

3 hours ago

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    3 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    3 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    3 days ago
  • 狗狗幣引領『Uptober』Meme...

    4 days ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.