Crypto Community Responds to Russia’s War in Ukraine

Russia’s military intervention in Ukraine has provoked a strong reaction from the cryptocurrency community. News of the invasion initially rocked Bitcoin (BTC) and other cryptocurrencies.

The US government has since responded to Russia’s invasion with severe economic sanctions that have helped crypto prices recover from their initial price drop. Amid all the doom and gloom, there are a few voices of hope in the crypto community.

Ethereum co-founder Vitalik Buterin, a Russian citizen, spoke out vocally against the Russian invasion, saying the country should not have given up the prospect of a peaceful resolution of the conflict.

FTX CEO Sam Bankman-Fried decided to step up and provide monetary support to Ukrainian traders. Every Ukrainian account holder registered on the FTX cryptocurrency platform is eligible for $25 in free money, Bankman-Fried announced on Twitter, writing: “We just gave $25 to every Ukrainian on FTX to do what you has to do.”

The crypto community responded to a Twitter post asking for donations to the country’s troops and called on the Defense Ministry to set up a crypto wallet; so far none have been created due to the rules of the country.

As the conflict between Russia and Ukraine continues, more people are turning to Bitcoin to help fund the Ukrainian military. According to a report by blockchain analytics firm Elliptic, people datum more than $400,000 in BTC to the non-governmental organization Come Back Alive. The NGO provides military equipment, medical and food supplies to the local army. In addition, a mysterious contributor recently donated 80 BTC, worth more than $3 million at current prices, to the charity that supports the Ukrainian military.

Related: Crypto Community Comes Together With Ukraine As Local NFT Artists’ Works Are Sold Out

Cyber ​​Alliance, a community of Ukrainian cyber activists, has received about $100,000 worth of Bitcoin, Ether (ETH), Litecoin (LTC) and a mix of stablecoins in the past year.

Pussy Riot, a Russian rock band known for its anti-government protests, has teamed up with Trippy Labs and PleasrDAO to create UkraineDAO. The UkraineDAO will sell Ethereum NFTs to help Ukrainians affected by the war. Ten thousand NFTs of the Ukrainian flag make up the NFT drop. The money raised from the sale of this coin will be donated to NGO Proliska and the Return Alive Foundation.

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