The Ukraine government has shown the significant role cryptocurrency can play during the most turbulent of times. The Ukrainian crypto crowdfunding effort has surpassed over $50M since the government began its crypto efforts on February 26, 2022, by announcing plans to accept “cryptocurrency donations” on its official Twitter handle.
The Ukrainian government made its announcement by sharing a Bitcoin and Ethereum wallet address for interested crypto donors. According to blockchain analytics platform Elliptic, those two wallet addresses have received $10M and $16M worth of Bitcoin and Ethereum, respectively. While these crypto donations have played a positive role, a report by Chainalysis shows the dark side to this story.