Donations in cryptocurrencies like bitcoin and ethereum are pouring into Ukraine as the war with Russia enters its second week.
Since Moscow invaded on Feb. 24, more than 102,000 cryptoasset donations, totaling $54.7 million, have gone to the Ukrainian government and Come Back Alive, an NGO providing support to the military, according to new data from blockchain analytics firm Elliptic. The raise includes a single donation of $5.8 million from Gavin Wood, the founder of a lesser-known cryptocurrency called polkadot.
Donations have picked up this week, with around 72,000 of these donations coming in the past two days. Thus far, the contributions consist of $18.2 million in ether, $17.2 million in bitcoin and $9.5 million in a mix of U.S. dollar-pegged stablecoins, including an anonymous donation of $1 million in tether, a controversial token designed to be pegged to the U.S. dollar.
Accepting donations in crypto is new for the Ukrainian government. Up until Saturday, all donations had to travel via traditional payment channels, but on Feb. 26, the government decided to get creative.
