Aid for Ukraine is the Ukrainian government-driven donations initiative that invites people to donate to the country and support its military resistance against Russia. What is particularly interesting about this initiative is that it accepts donations in crypto. 

According to Ukraine’s Deputy Prime Minister Mykhailo Fedorov, the initiative has raised $54 million from crypto donations that will be used to supply soldiers on the front lines.

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The information shared on the official website revealed that the majority of funds were transferred in Ether (ETH), Bitcoin (BTC), Tether (USDT), USD Coin (USDC), Polkadot (DOT), and Solana (SOL). 

Based on the table shared by Fedorov, crypto donations have been used to purchase ammunition, hardware, and military equipment. Overall, almost $12 million have been spent on UAVs (unmanned aerial vehicles) also known as drones. These aircraft are used to spot enemies or “direct attacks”. 

Other funds were spent on armored vests (around $6,9M), a worldwide anti-war media campaign (around $5,2M), hardware & software (around $5,7M), and “weapons of the Ministry of Defense request” (around $5M). 

Ukraine has decided not to disclose the number of purchases needed for media campaigns, weapons, hardware, and software. Mykhailo Fedorov commented on this matter by saying:

Our commitment to transparency and accountability allows people who donated crypto to see exactly how their donations have been distributed. In order to prevent the occupants from tracking efforts, we have decided not to reveal some sensitive information until we have won the war.

The fundraiser Aid for Ukraine has collaborated with crypto exchange FTX to ensure a successful crypto transfer. The donated crypto is transferred to FTX, where funds are converted into fiat money and then withdrawn and sent to the National Bank of Ukraine. 

by Aaron S. – Expert Reviewer, BitDegree