Ukraine has lost all of the cryptocurrency donations that were given to Ukraine to fund the war. This happened due to the insolvency of the cryptocurrency exchange FTX. Here’s what you need to know:
After the Russia-Ukraine war started, Ukraine partnered with cryptocurrency exchange FTX to help it receive donations in crypto. This was a much-needed source of war-funding for Ukraine, as it had lost access to traditional financial markets.
FTX helped Ukraine to quickly and easily receive donations from individuals and businesses all over the world. The country’s collective efforts had already raised over $52 million in Bitcoin, Polkadot, Tether, Ethereum and other cryptocurrencies, according to the government’s website.
With cryptocurrency exchange FTX this week announcing insolvency, all of Ukraine’s donated funds are gone. Analysts estimate that Ukraine lost more than $100 million with FTX’s bankruptcy.