Aid for Ukraine’s $54M crypto fund buys vests, scopes and UAVs

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Ukraine’s deputy prime minister has revealed that the crypto community has pumped $54 million worth of crypto funds through aid to Ukraine, which is intended to support the country’s military efforts against Russia.

$54 million has been channeled through the Ukraine government-run Aid Initiative for Ukraine, according to a post by Ukrainian Deputy Prime Minister Mikhailo Fedorov on Twitter Thursday, who thanked the crypto community for their support:

“Every helmet, flak jacket and night vision device saves the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. A big thank you to everyone from the crypto community for supporting Ukraine!”
According to Ukraine’s Ministry of Digital Transformation, the $54 million in aid to Ukraine came mostly in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $13.9 million, Tether (USDT) worth $10.4 million, and USD Coin (USDC) worth $2.2 million.

The crypto payments were directed toward military equipment, devices and munitions, including $11.8 million worth of unmanned aerial vehicles (UAVs), typically used to detect enemy forces and directly attack.

A large sum of donations was also spent on flak jackets worth $6.9 million, along with $3.8 million on field rations, $5.2 million on anti-war media campaigns, and $5 million on “weapons [of Ukraine] requested by the Department of Defense.” , among other military and medical accessories.

“Crypto plays an important role in the defense of Ukraine,” Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov said on the government-related donation website.

The founder of Ukraine-based crypto exchange KUNA Mike Chobanian added that contributions from the crypto community demonstrated the impact that blockchain technology can have on nation states, noting that it can serve as a “backbone for global security” in times of need.

Aid For Ukraine works by transferring cryptocurrency to the FTX cryptocurrency exchange, which converts the cryptocurrency into fiat currency, which is then withdrawn and transferred to the National Bank of Ukraine.

Related: Ukraine has received $37 million in crypto donations tracked so far

But Aid for Ukraine is not the only organization receiving funds to assist Ukraine’s defense efforts. The Reserve Fund of Ukraine, Come Back Alive, UkraineDAO and Unchain Fund also contributed funds in the seven-figure range, although the amount of crypto-based funds they have received since March has not been disclosed.

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