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As the Russian invasion of Ukraine enters its fifth week, it has been demonstrated that cryptocurrencies have aided Ukrainian refugees in a variety of ways after they were forcibly displaced from their homes.
Donations worth tens of millions of dollars have poured into Ukraine, and some Ukrainians have been able to carry a chunk of their life savings with them as they leave across the border thanks to cryptocurrency.
According to CNBC on March 23, one of them is a 20-year-old man known only by the nickname 'Fadey,' who managed to flee the fighting and cross into Poland with 40 percent of his life assets in Bitcoin (BTC) on a USB stick.
His story begins with the invasion and the understanding that he would soon have to depart his homeland, which would need the acquisition of funds. It was impossible to pay in cash.
“I couldn’t withdraw cash at all, because the queues to ATMs were so long, and I couldn’t wait that much time,” he said.
He did, however, have a USB drive with around $2,000 in Bitcoin, which was around 40% of Fadey’s life savings. With a unique passcode, he could access the monies on the disk, allowing him to pay for his survival in another country.
“I could just write my seed phrase on a piece of paper and take it with me,” he explained.
Crypto has not only allowed people like Fadey to carry their life savings with them as they fled war, but it has also helped to protect them from theft by tying them to their owner via a password.
In general, cryptocurrencies have been widely used by fleeing Ukrainians for a variety of purposes, including securing their cash, moving it, and collecting remittances and charity donations.
Since the commencement of Russia’s invasion of Ukraine, cryptocurrency donations have poured in from all over the world to the embattled country’s government, military, and assistance organizations.
Despite the fact that the pace of donations has slowed following the first surge, they remain noteworthy, totalling $91.31 million as of March 23, according to a chart and statistics released by blockchain security startup SlowMist.
After Russia’s strike, the country’s financial system began to show signs of stress, forcing many people, including Fadey, to use bitcoin to pay for ordinary purchases because they couldn’t shift their fiat-based cash overseas.
Unfortunately, it appears that this will be the case for the foreseeable future.