Ukraine’s government used part of the $60 million in cryptocurrency donations to buy weapons and military equipment, when Russia seized the country earlier this year. In a tweet stated by Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, the government had used some of the $54 million in cryptocurrency donations to acquire military weaponry. Ukraine’s donation website confirms the purchases of military weapons.
With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f
— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022
The goal of the breakdown published by Minister Mykhailo Fedorov is to promote transparency and inspire confidence in donors.
“If the fund is utilizing cryptocurrency to purchase dangerous weapons, it should be publicly declared from the start since this is highly sensitive and people should be aware of it,” said by Ukranian Hacken Startup CEO Dyma Budorin
The breakdown only revealed $54 Million in funds have been spent while the remaining is still being used.
Editor’s Note: This article by The Mega Maxi is not a financial advise.