People Are Sending Bitcoin to Aid Ukraine’s Military as Russia Advances – CoinDesk

People Are Sending Bitcoin to Aid Ukraine’s Military as Russia Advances – CoinDesk

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A bitcoin wallet listed by a charity organization claiming to support the Ukrainian military has received more than 19 bitcoin worth around $700,000, according to data from Blockchain.com.

The address in question has been active since at least August 2021, but the vast majority of the 600 recorded transactions took place in February, many of them in the last 48 hours.

Crypto markets took a big hit on the invasion news Thursday evening, liquidating around $242 million in mere hours. In Ukraine, people have started to seek out crypto as a safe haven, said Michael Chobanian, founder of the Ukrainian crypto exchange Kuna, during an interview on CoinDesk TV’s “First Mover” program on Wednesday.

Social media posts which listed the bitcoin wallet address (Bc1qkd5az2ml7dk5j5h672yhxmhmxe9tuf97j39fm6) among other methods of donation have been shared widely since at least Tuesday. The project collecting the funds, called “Come Back Alive,” claims to be assisting Ukraine’s military efforts. The wallet in question has already disbursed $150,000 worth of bitcoin it has received so far.

“All funds received by the Charitable Foundation are used exclusively for the needs of the army,” the organization states on its website, pointing to a live spreadsheet used for reporting transactions.

The last transactions reported are from Feb. 23.

Meanwhile, another bitcoin wallet, this one set up by the Ukrainian English language news publication Kyiv Independent, has received around $5,500 in donations. The publication says the donations will help to continue reporting on the conflict.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.


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