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But it’s not only cryptoassets that are being donated; people are also sending NFTs to the Ukrainian government’s Ethereum account. In the world of cryptocurrency, a node is a computer that connects to a cryptocurrency network. The node supports the relevant cryptocurrency's network through either; relaying transactions, validation or hosting a copy of the blockchain. For example, Litecoin aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes, which allows Litecoin to confirm transactions faster than bitcoin. Another example is Ethereum, which has smart contract functionality that allows decentralized applications to be run on its blockchain.

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Crypto is often used by bad actors, and could be exploited by Russia to avoid sanctions, which are currently the main weapon being employed variations by the US and its allies against Russia. Its prevalence in cyberwarfare also means people holding crypto could be a target for cyberattacks, and although one of the main appeals of crypto is that it’s supposed to be anonymous, it isn’t foolproof. Just how useful an avenue crypto is for people in crisis or organizations in need of donations is up for debate.

Today's Cryptocurrency Prices By Market Cap

Much-needed financial infrastructure is being built, and investors are increasingly able to access institutional-grade custody services. Professional and individual investors are gradually receiving the tools they need to manage and safeguard their crypto assets. Right now, at least some Ukrainians escaping the country seem to be taking their crypto with them, which they hope to convert back into fiat currency once they arrive to safety. In the last week of February, trading on the Ukrainian crypto platform Kuna reached its highest level since May 2021.

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Cryptocurrencies have also been used to finance covert arms for the Ukrainian resistance. In June 2018, South Korean exchange Coinrail was hacked, losing over $37M worth of cryptos. The hack worsened an already ongoing cryptocurrency selloff by an additional $42 billion. In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using Russian ruble while nonresidents are allowed to use foreign currency. Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.

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Mt. Gox blamed hackers, who had exploited the transaction malleability problems in the network. The price of a bitcoin fell from a high of about $1,160 in December to under $400 in February. Transactions that occur through the use and exchange of these altcoins are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. In March 2021, South Korea implemented new legislation to strengthen their oversight of digital assets.