Crypto Community Reacts To Russia’s War In Ukraine

Russia’s military intervention in Ukraine has provoked a strong reaction from the cryptocurrency community. The news of the invasion initially caused the price of Bitcoin to fall (BTC) and other cryptocurrencies.

Since then, the US government has responded to the Russian invasion with strict economic sanctions that have helped cryptocurrency prices recover from their initial crash. Amidst all the doom and gloom, there are some hopeful voices among cryptocurrency enthusiasts.

Ethereum co-founder Vitalik Buterin, a Russian national, expressed his opposition to the Russian invasion, saying that the country should not have abandoned the prospect of a peaceful resolution of the conflict.

FTX CEO Sam Bankman-Fried decided to step up and offer monetary support to Ukrainian traders. Every Ukrainian account holder registered on FTX is entitled to receive $25 free, Bankman-Fried announced on Twitter, writing: “We just gave every Ukrainian on FTX $25. Do what you have to do.”

The cryptocurrency community responded to a Twitter message asking for donations for the country’s troops and urging the Ministry of Defense to create a cryptocurrency wallet; so far none have been created due to the regulations that apply to digital assets in the country.

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

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 past year.

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

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