Nearly a quarter of Ukraine's population has been forced from their homes in the last four weeks. Many have turned to cryptocurrency.
Add in closed borders, a rapidly depreciating currency, and the looming threat of a Russian takeover supplanting the Ukrainian hryvnia with the ruble, and it was a perfect use case for cryptocurrency.
"The country's economy shut down within a matter of hours," said Alex Gladstein, chief strategy officer for the Human Rights Foundation, which has been supporting activists in Ukraine since 2009. Alex Hammond, a free trade fellow at the Institute of Economic Affairs, tells CNBC it was difficult to pull money out of Ukrainian banks for several weeks preceding the invasion.
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