As Russia invaded Ukraine, people started donating the Ukrainian army in cryptocurrencies to support them and in the past 24 hours, more than $400,000 worth of Bitcoins have been donated to just one group.
Come Back Alive, a Ukrainian NGO that raises crypto funds for the Ukrainian army, received more than $400,000 worth of digital tokens in the past day, according to data from blockchain and crypto analytics firm Elliptic.
The average amount donated is around $1,000 to $2,000, and the group has received at least 317 individual donations in the past two days, reports Fortune.
Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
The surge of donations in cryptocurrencies signifies that digital assets have "emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups," according to Elliptic.
Their analysis shows that hundreds of crypto-asset donations totalling several hundred thousand dollars have been made to these groups -- increasing by over 900 per cent in 2021.
Elliptic has identified several cryptocurrency wallets used by these volunteer groups and NGOs, which have collectively received funds totalling just over $570,000 - much of it over the past year.
The Ukrainian Cyber Alliance has received close to $100,000 in Bitcoin donations over the past year.
Ukraine's Ministry of Defence has also set up a designated bank account to accept donations for its troops in legal currencies.
Cryptocurrency prices have plummeted in the past two weeks over fears of a Russian invasion of Ukraine and the market has lost $150 billion in value since Putin ordered a specific military strike against Ukraine.