Crypto Billionaire, Pussy Riot Join Ukraine Crowdfunding Efforts
Donations are pouring in, even from a crypto-linked organisation, for Ukraine
As protests erupt around the world in support of Ukraine, crowdfunding efforts are underway to raise money for its armed forces and civilians as the country faces down Russia's far bigger military.
From Ukraine's central bank to a crypto-linked organisation launched by Russian punk band Pussy Riot, several groups are soliciting donations to help support the embattled country. Billionaire Sam Bankman-Fried says his company is giving away money to Ukrainians.
According to blockchain analytics firm Elliptic, about $4 million in cryptocurrencies had been donated to non-governmental organizations and volunteer groups in Ukraine as of Friday. The donations show how an increasingly online world is providing more options for donors who previously would have been limited to giving via large charities such as the Red Cross.
The efforts are ongoing as Russian troops close in on the capital city of Kyiv, with Ukraine accusing its attacker of targeting civilians. Russia says it's only aiming at military assets.
For all the donations, the amounts raised so far are minuscule compared to Ukraine's military budget, which was about $3.9 billion in 2021. Lawmakers agreed to increase defense spending by about $870 million earlier this week. Russia spends more than 10 times as much as Ukraine on defence.
Read more: How War in Ukraine Threatens the World's Economic Recovery
As explosions and air-raid sirens bombarded Ukraine's capital overnight, more crowdfunding efforts swelled across the globe. These ranged from traditional fundraising campaigns on Facebook to crowdfunding via decentralized autonomous organizations, or DAOs — member-owned organizations that use
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