Article

Ukraine receives $225m in crypto donations

by Oleksandr Oleksiienko, Crystal Analytics Team

This updated report outlines the surge and dynamics in crypto donations made to Ukraine, along with a list of verified donation links. 

Since the Russian Federation invasion on Ukraine on 24 February 2022, there has been a huge swell of online donations made to Ukrainian fundraising programs from all over the world.  

Of these, the total value of donations made in crypto is notable, and most likely the biggest crypto donations drive in modern history. The initiative by the Ukrainian government and their supporting teams enabled official crypto donation portals for the various currencies to be created almost immediately.  

As of 20 July 2023, $225 million in crypto donations has been made to the Ukraine. 

Crypto donations continue

In 2022 the donations more than tripled rising from $53 million donated in March to over $178 million by 20 September of the same year.  

When compared with traditional finance (TradFi) donations, where, for example, UAH 6 billion+  had been transferred to a special account of Ukraine’s armed forces by 2 March 2022, it’s clear that TradFi fundraising still outweighs crypto fundraising. 

However, it is great to see that crypto is being embraced as a way to send aid to Ukraine. 

How to protect donators from scams  

While online fundraising is mostly well-intended, major online donation drives often find themselves replicated by criminals, such as scammers publishing fake addresses for donations, and then disappearing with the funds. 

To report activity related to scam donations, please go to Crystal Block Explorer and report suspicious addresses. Our team will assess the details to help identify bad actors detracting from the donations drive.  

You can also find a list of official Ukraine donation programs that we have assessed and verified below.  

[GO TO OUR LIST OF VERIFIED DONATIONS PROGRAMS 

Crypto donations to Ukraine by type   

We have seen a marked change in the cause to which donations are being made with more being funnelled to humanitarian aid currently – rising from 40% in February 2023 to 60%. 

There has been a corresponding drop from 60% that was funnelled to the Ukrainian army in July 2022 to 40% this year. 

Donations by currency 

As of 20 July 2023, 37% was made in USDT, 35% in ETH (ether), 18% in BTC (bitcoin), 4% in DOT (Polkadot) and 3% in BUSD (Binance USD). 

Crypto donations by currency as of 20 July 2023

Crypto donations by currency as of 20 July 2023

Ukrainian vs Russian crypto donations received 

Donations to the Ukrainian army were significantly higher than the support the Russian military received in both 2022 and 2023, with Ukraine receiving a total of $224, 776, 818.03 versus $2, 177, 238, 82 received by Russia. 

Ukrainian vs Russian crypto donations received

However, it is notable that as the conflict continues, the overall number of donations is tapering off. 

To learn more about how Crystal can transform your crypto compliance processes, contact us here. 

ORIGINAL POST: 4 March 2022 

UPDATE #1: 10 March 2022 

UPDATE #2: 12 May 2022 

UPDATE #3:30 September 2022  

UPDATE #4 19 July 2023