Ukraine raises over $46 million via crypto donations

Since the beginning of the Russian incursion, the Ukrainian government and NGOs assisting the military have raised over $46 million via 72,000 crypto asset donations.

Wednesday became the most successful day by far when it came to crypto fundraising for Ukraine. The country raised $12.5 million worth of cryptocurrencies in a single day.

The Ukrainian government is accepting Bitcoin, Ethereum, USDT Tether, Polkadot, Solana and Dogecoin across several crypto wallets.

Out of the $46 million+ funds raised to date, 31.3 per cent are Bitcoin. Ethereum comprises 28 per cent of the total amount. Polkadot accounts for 23.2 per cent of the total. This includes a $5 million donation by Polkadot founder of the token, Gavin Wood. USDTTether, USDCCoin, Solana and Dogecoin account for the rest.

Funds are also being raised via Non-Fungible Tokens, or NFTs. The country has received over $8.5 million via the sale of NFTs. These funds were mostly converted to ETH tokens.

An NFT of the Ukraine flag was sold by UkraineDAO to raise $6.5 million in Ethereum.

Cryptopunks NFT #5364, worth $200,000, was also transferred to the country's official Ethereum wallet. The country received $1.86 million in ETH from the auction of Jullian Assange's NFT.

But the use of crypto assets to raise funds for Ukraine's armed forces comes with its own set of problems. Scammers appear to be using the current situation by duping naïve individuals who want to give to Ukrainian charities. A report by Elliptic has highlighted a slew of bogus crypto fundraising schemes that are taking advantage of the current scenario.

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