In brief
- Russian President Vladimir Putin declared war on Ukraine early Thursday morning.
- Bitcoin donations are pouring in to assist with Ukraine's defense.
In 2021, about $570,000 in Bitcoin donations went to pro-military Ukrainian groups. Today alone, almost $400,000 in BTC has been sent to just one of those organizations, "Come Back Alive," according to analysis from U.K.-based blockchain analytics firm Elliptic.
"This group provides support to the Ukrainian army by supporting their soldiers," Elliptic research lead Jess Symington told Decrypt over the phone. "They've received very, very small amounts of donations since August 2021—not very much at all; maybe like $4 or $5K a month. And then suddenly it just shot up starting about the 22nd of February."
From Ukrainians' perspective, the funding is urgently needed. On Wednesday, after a monthslong buildup of Russian troops on the border, President Vladimir Putin declared war on Ukraine, euphemistically calling the invasion a "special military operation."
Ukrainian organizations adopted crowdfunding tactics back in 2014, when Russia-aligned President Viktor Yanukovych was removed from office during the Maidan Revolution. Now it's commonplace for volunteer groups and NGOs to fundraise for weapons and medical supplies that soldiers can use. Come Back Alive also has a Patreon page with membership levels denoted by weapons.
