Ukraine’s Leadership Reveals Expenditure of $54M Raised From Crypto Community, Will Putin Back Down?
- Notably, both Ukraine and Russia have ostensibly received donations through crypto assets to fund the ongoing war.
- The war in Ukraine has been up and down for months since Russia invaded the country back in February.
- Worth noting, that the Ukraine government has $6 million left in its crypto funds after spending $54 million on military equipment.
The vice Prime Minister of Ukraine and Minister of Digital Transformation, MyKhailo Federov, has revealed how the government spent the $54 million raised by the initiative AidForUkraine through the crypto community. According to a tweet by Federov, the Ukrainian government supplied its defenders with military equipment, armor clothes, medicines, and even vehicles.
According to the report, the Ukrainian government has spent $5,250,519 on a worldwide anti-war media campaign.
“We (the Digital Ministry) converted crypto and sen[t] it to our Defence Ministry. They decided that they need something (lethal weapons). We are at war and we can defend ourselves with every mean possible,” Federov previously noted.
Speaking to media outlet Coindesk, Federov said that the government has purchased lethal weapons worth approximately $5 million. However, he did not disclose the specifics of the lethal weapons acquired. According to him, lethal weapons are for defense not for offensive purposes.
Remember, Ukraine does not want to escalate the war despite its support from the west. Russia has nuclear capabilities that could cause unwanted harm. According to a report by CNBC last week, Russia is seeking more weapons from Iran while Ukraine gets its support from the west including the United States.
Notably, both Ukraine and Russia have ostensibly received donations through crypto assets to fund the ongoing war. Hereby leaving the crypto market in a sensitive position in regards to the ongoing war.
“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,” Federov added.
Crypto Brings Light to All in Darkness
The war in Ukraine has been up and down for months since Russia invaded the country back in February. Both sides have reported casualties from civilians and military personnel. However, due to the vague reporting from both sides, figures are ostensibly distorted.
While the war continues, the crypto market has been used to help oppressed people access global markets. Moreover, the crypto market is highly decentralized and anyone can access it if they have access to the internet.
Worth noting, that the Ukraine government has $6 million left in its crypto funds after spending $54 million on military equipment. Aid For Ukraine is powered by Everstake, FTX, and Kuna. Top crypto assets being used to help Ukraine include BTC, ETH, USDT, SOL, and DOT among others.
Donors who want to hodl their crypto assets can Donate through USD, GBP, and EUR to the National Bank of Ukraine.
Following the ongoing war, it is estimated that over 5.5 million people, 12.7 percent of Ukraine’s total population, currently own cryptocurrency.