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Crypto community reacts to Russia’s war in Ukraine

Russia’s military intervention in Ukraine has drawn a strong reaction from the cryptocurrency community. News of the invasion initially sent Bitcoin (BTC) and other cryptocurrencies plummeting.

The US government has since responded to Russia’s invasion with tough economic sanctions that have helped crypto prices rebound from their initial slump. Amidst all the pessimism, there are some voices of hope in the crypto community.

Ethereum co-founder Vitalik Buterin, a Russian citizen, expressed strong opposition to Russia’s invasion and said the country should not have given up on the prospect of a peaceful resolution to the conflict.

FTX CEO Sam Bankman-Fried decided to step in and offer monetary support to Ukrainian traders. Every Ukrainian account holder registered on the FTX cryptocurrency platform is entitled to $25 in free money, Bankman-Fried announced on Twitter, writing: “We just gave $25 to every Ukrainian on FTX, do this what you need to do”.

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

As the Russian-Ukrainian conflict continues, more and more people are turning to Bitcoin to help fund the Ukrainian military. According to a report by blockchain analytics firm Elliptic, people have given over $400,000 worth of BTC to non-governmental organization Come Back Alive. The NGO provides military equipment, medical supplies and food to the local army. Additionally, a mysterious contributor recently make a donation 80 BTC, worth over $3 million at current prices, to the charity supporting the Ukrainian military.

Related: Crypto Community Rally in Ukraine as Works by Local NFT Artists Sell Out

Cyber ​​Alliance, a community of cyber activists from Ukraine, received around $100,000 worth of Bitcoin, Ether (ETH), Litecoin (LTC), and a mix of stablecoins over the past year.

Pussy Riot, a Russian rock band known for their anti-government protests, teamed up with Trippy Labs and PleasrDAO to create UkraineDAO. UkraineDAO will sell Ethereum NFTs to help war-affected Ukrainians. Ten Thousand Ukrainian Flag NFTs will constitute the NFT drop. The money raised from the sale of this piece will be donated to the NGO Proliska and the Return Alive Foundation.