Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, Mykhailo Fedorov, announced that the cryptocurrency community has invested more than $54.5 million through the non-profit organization Aid For Ukraine to help the country resist a full-scale Russian invasion of the territory of the sovereign state. He thanked the community for their help and submitted a report on the spending of the funds.
According to the Ministry of Digital Transformation of Ukraine, Aid For Ukraine's $54.5 million has mostly come in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $13.9 million, Tether (USDT) worth $10.4 million, and USD Coin (USDC), worth $2.2 million.
Funds raised in crypto were spent on military equipment, hardware, and munitions, including $11.8 million worth of unmanned aerial vehicles (UAVs), which are typically used to spot enemy troops and direct attacks. In addition, $6.9 million was spent on body armor, $3.8 million on field rations, $5.2 million on anti-war media campaigns, and $5 million on “weapons of the Ministry of Defense request,” and other military and medical supplies.
With $54 M raised by @_AidForUkraine, we've supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022
The contribution of the crypto community has demonstrated the impact of cryptocurrencies on the world. By making fast, anonymous payments, everyone who wanted could contribute to help in overcoming the terrorist state together. Founder of Ukrainian-based crypto exchange KUNA Mike Chobanian said that cryptocurrency can serve as the basis of global security in difficult times.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.