After Russia launched a full-scale invasion of Ukraine on Thursday, many in other countries have turned to donations to aid Ukraine in its fight.
The flood of offers of monetary support prompted the Ukrainian Ministry of Defense to post bank account information on its official site, stating that it had received “numerous requests from individuals and legal entities who are not residents of Ukraine and wish to make donations (in foreign currency) for the logistics and medical support of the Armed Forces of Ukraine.”
The account can receive bank transfers denominated in foreign currencies. However, the site states that “national legislation does not allow the Ministry of Defense of Ukraine to use other payment systems (“Webmoney”, “Bitcoin”, “PayPal”, etc.).” In other words, no crypto.
Many in the blockchain sphere are asking whether crypto could or should be a way to make donations to Ukraine, with Jake Chervinsky, head of Policy at the Blockchain Association, proposing a "Ukraine Relief DAO."
Michael Fasanello, director of Training and Regulatory Affairs at the Blockchain Intelligence Group, said transactions he tracked suggested that people are already making crypto donations toward the defense or relief of Ukraine, with a significant spike in dark web donations and at least four addresses reflecting spikes in the last few days.
“This is an excellent display of the dark web being used for non-nefarious activity,” Fasanello said in an email to Protocol. “One wallet doubled from 6 BTC to 12 BTC overnight" — worth $432,000 at current values.