It’s been 5 weeks since Russia launched its invasion of Ukraine, and in this time of crisis, cryptocurrencies have been shown to help Ukrainian refugees in more ways than one.
Crypto owners all around the world have donated tens of millions of dollars as a way to show support for Ukraine and its people. For most Ukrainians, they are forced to leave behind their homes, their country, their possessions. Some of them, however, are still lucky enough to take a portion of their life savings with them as they rush to borders to flee the Russian invasion.
A 20-year-old man who goes by the pseudonym “Fadey”, managed to escape the war and fled into Poland with 40% of his life savings in Bitcoin (BTC). He stored all of this on a USB stick, according to a report on March 23 by CNBC.
As soon as the Russian launched its invasion, Fadey knew that he would have to leave his homeland one day, and he knew he needed to be well-prepared. Cash was simply not a viable option.
“I couldn’t withdraw cash at all, because the queues to ATMs were so long, and I couldn’t wait that much time,” he said.
Luckily, he still had a USB stick that contained roughly $2000 Bitcoin, and he could easily access the funds with a unique passcode. This money, which is equivalent to 40% of Fadey’s life savings, will be enough for him to survive in a new country.
“I could just write my seed phrase on a piece of paper and take it with me,” he added.
It seems like crypto has become one of the safest assets to investors, as it can only be accessed with a password and so investors won’t have to worry about the risks of theft.
Over $90 million in crypto has been sent to Ukraine
Many Ukrainians are now turning to cryptocurrency to safeguard their cash, bring money with them, or accept remittances as well as donations.
After the war between Russia and Ukraine broke out, donations big and small have been pouring in from every corner of the world. The funds have been used to support Ukraine’s government, military and aid organisations.
While the donations are currently slowing down, the total number is still extremely impressive. As of March 23, Ukraine has received over $91.31 million in donations, according to data by the blockchain security firm SlowMist.
Ukraine’s financial system is undergoing a serious crisis following its war with Russia. Many Ukrainians have to resort to cryptocurrency to pay for everyday items as Ukraine’s central bank suspends e-cash transfers.
Unfortunately, as Ukraine and Russia have yet to reach an agreement, this situation will continue to be the case for the near term.
