The Russian invasion of Ukraine triggered crypto contributions from across the globe. It was meant to aid the nation in amassing all the essential military weaponry to endure the fight with Russia.
Ukraine acknowledged how crypto contributions were used, indicating that the bulk was spent on weapons.
The crypto community has contributed $54 million in cryptocurrency to the humanitarian organisation Aid For Ukraine, according to the Ukrainian Deputy Prime Minister on Thursday.
A comprehensive analysis of Ukraine’s expenditures indicates that the government bought weapons, unmanned aerial vehicles (drones), and digital rifle scopes using the bitcoin donated in reaction to Russia’s incursion earlier this year.
Thursday, Deputy Ukrainian Prime Minister Mykhailo Fedorov tweeted: “Each bulletproof vest, helmet, and night vision device saves the lives of Ukrainian troops. We must keep funding our defenders. Thank you to the global crypto community for your assistance with Ukraine!”
On a government-affiliated fundraising website, Deputy Minister of Digital Transformation Alex Bornyakov claimed, “Crypto is a crucial component of Ukraine’s defence.”
The digital ministry that handled bitcoin contributions turned the cryptocurrency into fiat money and transmitted the monies to the military ministry for appropriate disbursement.
The bulk of Aid For Ukraine’s $54 million has been provided in the form of Ether (ETH) valued at $18.7 million, Bitcoin (BTC) valued at around $13.9 million, Tether (USDT) valued at $10.4 million, and USD Coin (USDC) valued at $2.2 million, according to the MDT.
Concerned that cryptocurrencies may be used to evade Western sanctions on Russia, global financial authorities are carefully investigating the use of cryptocurrencies during the war.
Reuters stated that the $1 trillion cryptocurrency business is on the defensive in reaction to warnings from U.S. and European lawmakers that crypto firms are incapable of complying with Western banking penalties imposed against Russia in retaliation for its invasion.
In response to social media pleas for contributions in bitcoin and other digital tokens for military and humanitarian needs, Ukraine has received more than $100 million in cryptocurrency, according to a report.
In the meanwhile, roughly $7 million was spent on body armour, $3.8 million on field supplies, $5,2 million on anti-war media efforts, and $5 million on military and medical equipment.
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