Bitcoin donations to the Ukrainian army have soared following Russia’s invasion of the country early Thursday.
Publicly available blockchain data reveals that over 14.5 BTC worth more than $550,000 have been donated so far on Thursday to Come Back Alive, a Ukrainian nongovernmental organization that provides material and technical assistance to the country’s armed forces.
Bitcoin donations to Come Back Alive began in the second half of last year when the NGO raised $200,000 in BTC, but this week started to pick up pace as threats of a Russian invasion materialized. The group has raised more money in bitcoin on Thursday than in the past six months combined.
Volunteer groups have played a central role in helping Ukrainian military forces in each conflict over the past decade, providing support in medical, technical, and material aspects as strong Russian troops advance on the country’s territory.
Come Back Alive has been one of the largest organizations to provide such support. The foundation started its activities after the conflicts of 2014 when Russia deployed thousands of military troops on the eastern frontier of Ukraine following orders of president Vladimir Putin to seek control over Crimea and parts of Donbas. The organization takes its name from the inscriptions on the bullet-proof vests that were its first donations to the Ukrainian army.
Bitcoin’s price has seen a volatile day on Thursday as imminent fear after Russia’s invasion dragged the peer-to-peer currency below $35,000 only to shoot above $39,000 later in the day. Bitcoin trades at around $38,000 at press time.