The ongoing Russia-Ukraine conflict has generated strong reactions across the cryptocurrency community, which finds this in bad taste.
Earlier this week, Russian President Vladimir Putin announced that Russia would be invading Ukraine, pressuring 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 cryptocurrency community have severely condemned and criticized the move made by the Putin-led government.
Vitalik Buterin / Ethereum Foundation
Ethereum co-founder Vitalik Buterin was one of the first 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, it is not.
Очень расстроен решением путина отказаться от возможности мирного решения спора с украиной и вместо этого начать войну. Это преступление против украинского and русского народа.
Хочу желать всем безопасности, хотя знаю, что не какой безопасности не будет.
Слава Украине.
— vitalik.eth (@VitalikButerin) February 24, 2022
“(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,” says Buterin.
Sam Bankman-Fried/FTX
Crypto Billionaire and Founder of FTX Sam Bankman-Fried shared his thoughts about the possible effects of the war in Ukraine on the cryptocurrency market and the world at large.
According to him, now is the right time for people to go out and do something good for others at this time.
we just gave $25 to every ukrainian on FTX
do what you have to do
— SBF (@SBF_FTX) February 24, 2022
He also revealed that his exchange, FTX, would give every Ukrainian registered on the platform $25 each. This move, however, has been criticized by some hellions who believe the exchange is pushing a wartime marking scheme.
Barry Silbert / Digital Currency Group
Barry Silbert, CEO of America's Largest Digital Asset Group, Digital Currency Group tweeted"Fuck the war".
Cryptocurrency market crashes after hack
It is not just the interested parties that have reacted negatively to the Russian attacks.
The cryptocurrency market took a sharp drop immediately after the invasion began, with Bitcoin dropping to around $35,000. While the cryptocurrency market has recovered somewhat, a war could seriously affect the industry.
As of press time, Bitcoin has traded as high as $40,330 on Bitstamp in the last 24 hours, but has now dropped back to around $39,000.
The broader cryptocurrency market also gained around 4%, and the market cap of the space is currently at $1.77 trillion.
Cryptocurrency donations in support of Ukraine
The crypto community has not only expressed its support for Ukraine in words. Several people also showed support with financial contributions.
A whale on Twitter too announced donating $10,000 to the Ukrainian Red Cross to help the victims of this war. Another cryptocurrency 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 protested the government many times, partnered with PleasrDAO and Trippy Labs to create UkraineDAO. This DAO will sell Ukrainian flag NFTs and the profits will go to Ukrainian NGOs.
Available information shows that volunteer groups and NGOs in Ukraine have raised more than $4 million in BTC since the invasion.
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