Ukraine raises $18.9m in cryptocurrency

The Ukrainian government and non-government organisations (NGOs) providing support to the military, have raised almost $18.9 million in cryptocurrencies.

The figures, from blockchain analysis company Elliptic, come after Ukraine’s government posted an appeal on its official Twitter account on Saturday, sharing two cryptocurrency addresses.

Over half of the donations – 56.4 per cent – came in the form of Bitcoin according to Elliptic, while 31.8 per cent came in the form of Ethereum, 10.9 per cent came in the form of Stablecoins, and 0.9 per cent came the form of other cryptocurrencies.

People are not only sending cryptocurrencies according to analyst firm, donations also include Non-Fungible Tokens (NFTs) and one such NFT donated to an Ethereum wallet which had a value of approximately $300.

Over 4,000 donations have been made so far according to Elliptic, with the median donation being $95, and one unidentified donor sent $3 million worth of bitcoin to one NGO.

In addition, Elliptic also said that scammers appear to be taking advantage of the current situation by tricking unsuspecting users wishing to donate to Ukrainian NGOs.

Elliptic said it has identified several fraudulent crypto fundraising scams, exploiting the current situation.

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