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Ukraine’s spent over $38M of crypto funds on military equipment

In the spirit of transparency, Ukraine’s Ministry for Digital Transformation has published a financial report detailing how it spent the $54.6 million worth of funds raised from the crypto community.

Ukraine’s Minister for Digital Transformation Mykhailo Fedorov shared the report in a tweet on Aug. 17, with most of the expenditure going in support of the military fight.

With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f

— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022

Expenditure highlights

A closer look into the specifics of the report shows that Ukraine spent the most on funding its military endeavors – more than $38 million.

The military expenditures included $11.9 million spent to purchase UAVs, $7 million on purchasing armored vests, $3.8 million on field rations, $2.7 million on military clothing and accessories, and $1.7 million on thermal imagers.

Medicine and military medical kits incurred $1.3 million and $1.2 million in expenses, respectively. The country also purchased Radio Communication kits for $351,146 and communications devices for $924,618.

Some items were considered confidential as releasing more details could pose a threat amidst the ongoing war. The confidential items include $5.7 million spent on computer hardware and software, $5.3 million spent on a worldwide anti-war campaign, and $5.1 million spent on buying weapons at the request of the Ministry of Finance.

The ministry said it is will provide a detailed list of every penny spent on an ongoing basis. Ukraine also launched an English news platform, United24, to provide real-time updates on the state of the war and weekly reports on how donations are utilized.

Crypto community’s support for Ukraine

The $54.6 million accounted for by the Ministry is a part of the story of how much the crypto community supported Ukraine’s war…

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