Crypto community reacts to Russia's war in Ukraine

Russia’s military intervention in Ukraine has elicited a strong reaction from the cryptocurrency community. The news of the invasion initially sent Bitcoin (BTC) and other cryptocurrencies tumbling.

The U.S. government has since responded to Russia’s invasion with stringent economic sanctions that have helped crypto prices rebound from their initial price collapse. Amid all the doom and gloom, there are a few voices of hope in the crypto community.

Ethereum co-founder Vitalik Buterin, a Russian citizen, voiced vocal opposition to Russia’s invasion and said the country should not have abandoned the prospect of a peaceful resolution to the conflict. 

FTX CEO Sam Bankman-Fried decided to step up and offer monetary support to Ukrainian traders. Every Ukrainian account holder registered on the FTX cryptocurrency platform is eligible for $25 in free money, Bankman-Fried announced on Twitter, writing: “we just gave $25 to each Ukrainian on FTX do what you gotta do.”

The crypto community responded to a Twitter message asking for donations to the country’s troops and called on the Ministry of Defense to set up a crypto wallet; thus far, none has been created due to the country’s rules.

As the Russia-Ukraine conflict continues, more individuals are turning to Bitcoin to help finance the Ukrainian military. According to a report from blockchain analysis firm Elliptic, people have given over $400,000 worth of BTC to the non-governmental organization Come Back Alive. The NGO provides military equipment, medical supplies, and food supplies to the local army. In addition, a mysterious contributor recently donated 80 BTC, worth over $3 million at current prices, to the charity organization supporting the Ukrainian army.

Related: Crypto community rallies with Ukraine as local NFT artists’ works sell out

Cyber Alliance, a community of Ukrainian cyber activists, has received approximately $100,000 worth of Bitcoin, Ether (ETH), Litecoin (LTC), and a mix of stablecoins over the previous year.

Pussy Riot, a Russian rock band known for its protests against the government, has teamed up with Trippy Labs and PleasrDAO to create UkraineDAO. The UkraineDAO will sell Ethereum NFTs to aid Ukrainians affected by the war. Ten thousand NFTs of the Ukrainian flag will make up the NFT drop. The money raised through sales of this coin will be donated to NGO Proliska and the Return Alive Foundation.

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