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Crypto Community Speaks Out Against Russia-Ukraine Conflict

2 mins
Updated by Andrew Rossow
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In Brief

  • Several leaders throughout the crypto community have spoken out against Russia's invasion of Ukraine, including Buterin.
  • Crypto exchanges FTX and Crypto.com make donations to Ukraine’s cause.
  • Bitcoin’s price steadily recovers after dropping drastically on the back of the political tensions in Easter Europe.
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The ongoing Russia-Ukraine conflict has generated strong reactions throughout the crypto community, which considers this in bad taste.

Earlier this week, Russian president Vladimir Putin announced that Russia would be invading Ukraine, pushing the United States and other NATO members to pledge new sanctions against Russia for its aggression and refusal to resolve its issues through diplomacy.

Several stakeholders in the crypto community have gone out to severely condemn and criticize the move made by the Putin-led administration.

Vitalik Buterin / Ethereum Foundation

Ethereum co-founder Vitalik Buterin was one of the earliest voices to criticize Russia’s invasion of Ukraine. Buterin described the action as a crime against the Ukrainian and Russian people.

He later added that while Ethereum is neutral, he’s not.

“(I am) very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead,” Buterin says.

Sam Bankman-Fried/FTX

The crypto billionaire and founder of FTX, Sam Bankman-Fried shared his thoughts on the possible effects of the war in Ukraine on the crypto market and the world in general.

According to him, now is the right time for people to go out and do something nice for others at this point.

He also revealed that his exchange, FTX, would be giving every Ukrainian registered on the platform $25 each. This move has, however, been criticized by some hell who believe the exchange is driving a marking scheme in a time of war.

Barry Silbert / Digital Currency Group

Barry Silbert, CEO of America’s largest digital assets group, Digital Currency Group tweeted, “Fuck war.”

Crypto market fall after the invasion

It’s not only stakeholders that reacted negatively to the Russian attacks.

The crypto market saw a sharp downturn immediately after the invasion started, with Bitcoin dropping to around $35,000. While the crypto market has now slightly recovered, a war could seriously affect the industry.

As of press time, Bitcoin has traded for as high as $40,330 on Bitstamp within the last 24 hours, but has now retraced to around $39,000.

The wider crypto market has also gained close to 4%, and the market cap of the space is currently at $1.77 trillion.

Crypto donations in support of Ukraine

The crypto community hasn’t only expressed its support for Ukraine with words. Several people have also shown support with financial contributions. 

A whale on Twitter also announced donating $10,000 to The Ukrainian Red Cross to assist victims of this war. Another crypto exchange, Crypto.com, announced a $1 million donation to the Red Cross to support the people of Ukraine. 

Pussy Riot, a Russian rock band that has protested against the government many times, partnered with PleasrDAO and Trippy Labs to create UkraineDAO. This DAO will sell NFTs of the Ukrainian flag, and the proceeds will go to Ukrainian NGOs.

Available information shows that volunteer groups and NGOs in Ukraine have raised over $4 million BTC since the invasion.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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