- A chunk of the $54 million in crypto donated to Ukraine during Russia’s invasion earlier this year was used to buy weaponry, drones, digital rifle sights, and non-lethal devices.
- Ukraine’s minister for digital transformation, Mykhailo Fedorov, tweeted the breakdown on Wednesday.
- The cryptocurrency payments were used to buy military equipment, gear, and ammunition, including $11.8 million in unmanned aerial vehicles (UAVs).
An official has disclosed that a portion of the $54 million in crypto donated to Ukraine during Russia’s invasion of the European nation earlier this year was used to purchase weaponry, drones, and digital rifle scopes, in addition to non-lethal instruments.
Ukraine’s minister for digital transformation, Mykhailo Fedorov, tweeted the breakdown on Wednesday, showing that the country had spent some of the $54 million it had raised through cryptocurrency on both deadly weapons and an English-language news platform. There is still $6 million available for expenditure.
The Ministry of Digital Transformation of Ukraine reports that the majority of the $54 million raised for Aid For Ukraine has been contributed in the form of cryptocurrencies, specifically 10,190 Ether (ETH) valued at $18.7 million, 595 Bitcoin (BTC) valued at $13.9 million, Tether (USDT) valued at $10.4 million, and USD Coin (USDC) valued at $2.2 million.
The cryptocurrency payments were used to purchase military equipment, gear, and ammunition, including $11.8 million in unmanned aerial vehicles (UAVs), which are normally used to detect enemy forces and direct strikes.
Among the rest were armor vests, which cost $6.9 million; field meals, which cost $3.8 million; anti-war media campaigns, which cost $5.2 million; and “weapons of the [Ukraine] Ministry of Defense request,” which cost $5 million.
Deputy Minister of Digital Transformation Alex Bornyakov stated:
Crypto is playing a significant role in Ukraine’s defense
Meanwhile, co-creator of the KUNA cryptocurrency exchange in Ukraine, Mike Chobanian, expanded on this notion, adding that blockchain technology may be the “backbone of global security” in times of crisis because of the efforts of the crypto community.
Financial support for Ukraine via cryptocurrencies is channeled through the cryptocurrency exchange FTX, where it is converted into fiat currency before being withdrawn and sent on to the National Bank of Ukraine.
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