Crypto became a viable option for transactions in Ukraine, where Tether is popular, after digital cash transfers were suspended and cash withdrawals limited
More than $15 million in cryptocurrency has been donated to Ukrainian groups since Russia attacked the country on February 24th, according to research firm Elliptic.
The VergeElizabeth Lopatto
Context & Ripple Effects
The initial $15 million reported by Elliptic was an early marker of crypto serving two roles in Ukraine: a transaction alternative amid limits on conventional access and a direct funding channel for Ukrainian groups. Within days, Elliptic tracked more than $50 million in donations across over 89,000 assets, showing how quickly that channel scaled.
Ukrainian users facing suspended digital transfers and cash-withdrawal limits gain a usable transaction alternative, with Tether positioned as a commonly used stablecoin.
Ukrainian groups gain an immediate cross-border donation rail, with Elliptic reporting more than $15 million in crypto contributions after the attack.
Second-order effects
The rapid increase in tracked donations shifts attention toward the wallet addresses and major assets handling the inflows; related coverage identified $10 million in bitcoin and $16 million in ether sent to government addresses.
Ukraine's use of crypto for fundraising also gives Russian military-linked groups access to the same type of rail, prompting Ukrainian efforts to stop those flows.
Third-order effects
Crypto's role in the conflict points to a durable legitimacy gap: it can function as emergency payment and fundraising infrastructure while requiring active monitoring to constrain hostile use.
If emergency disruptions continue to push users toward stablecoins, the strategic question shifts from whether crypto can move value to who can govern the wallets and flows around it.
The trend: Conflict-driven payment disruption is turning crypto, especially stablecoins, into both an emergency financial rail and a contested enforcement surface.
My Ukrainian credit cards don't work anymore. I'm safe physically in Kazakhstan, but all my savings are gone. Crypto is the only money I still have, and today I can say without exaggeration that $BTC, $ETH, and #NFT are going to save my life while I can't come back home.
An experiment in proving the efficacy of cryptocurrencies as a medium for global remittances is taking place in realtime. Immediate cross-border settlement, low fees from fiat exchange, and crypto credit/debit cards complete the chain. https://twitter.com/...
More than $15 million in cryptocurrency has been donated to Ukrainian groups since Russia attacked the country on February 24th https://www.theverge.com/...
Unfortunately, terrible times will open up the eyes of people for reality. Right now, the people in Ukraine are adopting towards #crypto. People in Turkey are doing it for the heavy devaluation of their own currency. Soon, everyone will. https://twitter.com/...
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45 e14
@Ukraine To follow up on @VitalikButerin's tweet, I've confirmed directly with Ukrainian Ambassador @olex_scherba that the addresses are correct and in the control of the Ukrainian govt. Give!!! Defending free and open societies may be the best thing we ever do with our BTC and E…
To those who want to help in bitcoin. Bitcoin is officially legit in Ukraine - just like this account and this retweet. Don't mind the comments of our Russian “brothers”. #StandWithUkraine https://twitter.com/...
🚨 NEW: Ukraine's government has confirmed to me that these messages are genuine. “We are not hacked. This is the official positions and messages we want to share.” @VitalikButerin had expressed fears that @Ukraine and @FedorovMykhailo had been hacked. https://twitter.com/...
Remember this tweet when the mainstream news tells you Bitcoin is evil because Russia is using it to bypass sanctions. #bitcoin is like a knife to a surgeon or a knife to a criminal. Like any valuable technology throughout time, its value comes from the intention behind its use. …
A source who confirmed the government's fundraiser believed the funds would go to “exterminate as many Russian occupants as possible.” https://www.buzzfeednews.com/ ...
Among the cryptocurrency donation addresses officially announced by Ukraine, 5.22 Bitcoins and 132 Ethereums have been received at present. Justin Sun said that he donated 200,000 USDT. https://twitter.com/...