Crypto donations to Ukraine cross $100 million mark

The world has been donating Cryptos to Ukraine Photo/Courtesy

Crypto donations that have been extended to Ukraine since its invasion by Russia in February have now crossed  $100 million, according to reports by Tradingplatforms.com. 

Since the first attack on 24th February, Ukraine has been receiving digital token donations from  across the world.

The donations are a sign of solidarity with Ukraine by the world, as they are meant to help assuage the humanitarian crisis that  Russia’s invasion has caused in the country and the surrounding countries.

The country has also been raising money from the sales of its non-fungible tokens.

“Although it is quite unfortunate that it has to be under these circumstances, it’s amazing that we can now see how crucial digital currencies are.” Edith Reads from TradingPlatforms.com said.

Two days after the first attack, the Ukrainian government said that it was accepting crypto donations and gave two addresses for the funds. Reports show that the government collected $10.2 million in crypto assets within four days of the announcement. 

In addition, Ukraine  passed the Virtual Assets Law about a month later. This new law allowed crypto operations by both domestic and foreign exchanges  in Ukraine. 

The move by Ukraine comes at a critical time when many countries are considering their stance on regulating digital assets. On the one hand, there are parties like El Salvador that are intent on creating a crypto hub within their borders. On the other are countries like China, which have long since wiped out crypto trading and mining. 

It remains unclear what effect Ukraine’s moves have on the global crypto market, although there’s no denying that it is a major plus for the crypto global mass adoption movement. 

Ukraine’s crypto donations marred with scams 

Nonetheless, there have been reports that the donations have been soiled by scams. Further analysis into the data  collected at TradingPlatforms.com shows that a huge chunk of the donations sent to Ukraine were scam projects. 

The surge in global crypto attention stemming from Ukraine’s recent crypto activity has also attracted a sizable number of malicious developers. Several humanitarian campaigns designed to raise donations for Ukraine turned out to be scams, with the people behind it making away with anything between hundreds and thousands of dollars, before being pulled down.

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