How Does the Crypto Sector Support Ukraine During Russian Invasion?

Russia’s attack on Ukraine continues. After bombing some military bases and civilian houses, Russian troops continue to advance. In our recent article, we showed Ethereum founder Vitalik Buterik condemning the attack. Crypto exchange FTX, in turn, is donating $25 to each Ukrainian user. Ukraine also received a $3 million Bitcoin donation. Donations have coming to Ukraine through cryptocurrencies for quite some time.

FTX Donations to Ukrainian Users

One of the world’s most popular cryptocurrency exchanges, FTX, is giving away $25 to every Ukrainian account holder registered on the platform. This was confirmed by the company’s CEO, Sam Bankman-Fried (aka SBF) via his personal Twitter account.

This move is a bright example of the global crypto community supporting the country’s fight against the ongoing Russian invasion. So far, the crypto community has raised over $4 million in bitcoin for the Ukrainian opposition. Support is coming in from all corners of the world. More than $3 million of that was pledged by a single donor.

$3 Million Worth of Bitcoin Donated

In the last few days, the NGO (non-governmental organization) Come Back Alive has been leaked $400,000 worth of bitcoin. The organization provides military equipment, medical supplies, and training services to the local army. In addition, on February 25, 2022, a previously unknown person donated 80 BTC worth around $3 million to a charity that supports the Ukrainian army.

Over the past year, volunteer organizations have received over $570,000 worth of bitcoin. The Ukrainian Cyber ​​Alliance was also able to benefit from donations. The group primarily conducts cyber operations against Russian hackers and disseminates propaganda. Donations totaled around $100,000 last year.

The Ukraine Conflict and Bitcoin Mining

Ukraine supplies about 90% of semiconductor-grade neon to the United States, according to a report by consulting firm Techcet. This is a gas that is used in lasers for chip production. Russia accounts for 35% of palladium shipments, a rare metal used in the manufacture of some types of semiconductors.

In addition to the effects on the automotive industry, supply bottlenecks would also have negative consequences for bitcoin mining, which is also dependent on semiconductors. At this point, it is difficult to foresee how quickly the manufacturing companies can diversify their suppliers in order to counteract the shortage.

Conclusion

The limited traceability of bitcoin transactions is observed during the current conflict in Ukraine. Nevertheless, the current decline in bitcoin price also offers a good opportunity to buy some crypto at bargain prices. If you’re interested in buying BTC, you should definitely think about doing this at Switchere

On our platform, you have an opportunity to buy leading cryptocurrencies in the fastest and most convenient ways using any available payment method. Moreover, from February 24th, 10% of the Switchere service fee collected will support Ukraine and restore peace and justice.

If you want to support Ukraine, make sure to read our blog article. Glory to Ukraine!

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