Elliptic said that a Ukrainian nonprofit has raised more than $4 million to support the country's army since Russia attacked.
On the day Russia attacked Ukraine, the foundation that collects money for medical kits, military gear and other items took in over $675,000 in thecryptocurrencies.
Elliptic told Insider that it had received more than $3 million in the form of a single donor.
Yesterday, we thought that the rise in donations was shocking. Jess Symington, research lead at Elliptic, said that this morning it was completely over that.
On Thursday, Russian president Vladimir Putin authorized a full-scale attack on Ukraine, and on Friday Russian forces advanced toward its neighbor. The new wave of hostilities expanded the clash from a limited incursion over disputed land into the most serious armed conflict in Europe for at least a decade.
She said that Come Back Alive was the most successful group in raising money. Four years after it was founded, the NGOs started accepting donations in the form of cryptocurrencies.
Symington said that people who can't navigate the international banking system, but have access to bitcoin, can donate it easily.
She said that this is a new factor in complex situations and that the idea of raising money for defense efforts is a new one.
According to research, givers can make cross-border donations using digital assets, circumventing financial institutions that might be blocking payments.
CNBC reported that the Come Back Alive campaign was suspended on the platform. The site was created to help people give money to support writers and similar creators.
Symington suggested that acceptingcryptocurrencies can be a good way to raise money.
She said that it gives another group, or access to a much larger group of potential donors, than just having a few options.
Elliptic research shows that volunteer groups have been involved in the Russia-Ukraine conflict over the past decade.
Symington said that some people have turned to cryptocurrencies for their money. Blue and Yellow accepts a number of digital coins.
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