Tether and Bitcoin Dominate Ukraine Officials’ Crypto Holdings

• The number of Ukraine’s officials disclosing crypto assets has more than doubled since Russia’s invasion, with Tether and Bitcoin as the most popular holdings.
  
• Tether (USDT) leads with 802 filings, while Bitcoin and Ethereum follow closely behind as the top declared assets by Ukrainian government employees.
  
• Several former top Ukrainian officials have disclosed substantial crypto holdings, though some have also reported losing access to their digital wallets amidst ongoing conflict
  

The rising number of Ukrainian officials declaring their holdings in cryptocurrency is more than twofold from the beginning of Russia’s full-scale invasion in 2022, with stablecoin Tether (USDT) and Bitcoin (BTC) becoming the two most popular digital assets used by government employees in Kyiv, April 4, 2025.

As reported by Forklog, citing public registry monitor Forklog, Ukrainian officials account for 2,113 disclosed crypto assets in their 2024 asset declaration, up 10 percent from the previous year’s 1,917. The trend is the result of a more general trend among public servants to use such digital assets as a store of value as a consequence of the protracted conflict and economic uncertainty.

Crypto declarations grew very steeply in the past three years from 960 in 2021 to 1,481 in 2022, when Russian forces began launching their invasion, and still going up in the years since.

Tether Tops Crypto Declarations in Ukraine

The U.S. dollar pegged stablecoin, Tether, was the most present digital asset declared in 2024, mentioned in 802 filings, more than 6% of all reports declared. Second to Bitcoin, the world’s largest cryptocurrency by market cap was Ethereum (ETH), mentioned in 713 declarations (5.4%), while Bitcoin had 731 mentions (5.5%). XRP (3.1%), and Dogecoin (DOGE) were the other notable digital assets, according to which 2.4% of officials reported them.

Opendatabot said “Officials most often declare Tether (USDT), citing 802 government employees who have reported holdings.” “Despite the market volatility, Bitcoin (BTC) stays second while Ethereum (ETH) completes the podium.”

In Ukraine, all government bodies submitted crypto declarations and the National Police led with 322 officers out of 2132 officers, adding bitcoin, altcoins to their holdings, amounting to 15 percent of the national total. Members of the judiciary declared 227 (11%), while the Prosecutor’s Office followed with 240 (11%). Of Ukraine’s Armed Forces, the 77 that indicated that they had crypto holdings and the 38 employees at National Anti-corruption Bureau (NABU) that have also done so.

Of the 582 officials who held crypto, the capital city of Kyiv recorded the most with 582 members; 185 accrued in the surrounding Kyiv region. In addition, Kharkiv Oblast (172), Dnipropetrovsk (167) and Lviv in Western Ukraine (133) were also noted as regions with significant numbers.

Top Ukrainian Officials Declare Significant Crypto Holdings

Several top ex officials revealed huge cryptocurrency holdings. One of them is Oleg Bondarenko, Chairman of the Parliamentary Commission on Environmental Policy, who says he owns 80 BTC, with almost ₴279.4 million (around $6.8 million). Serhii Maizel is a lawmaker holding 200 ETH worth about ₴15.5 million ($376,000). Close to $850,000, Vitalii Brovko, department head at the Prosecutor General’s Office, proclaimed 847,908 USDT (₴35 million).

But not all stories end well. According to Opendatabot, some of the former officials state that they have lost access to their crypto wallets. The head of the State Geological Service Roman Saramaha lost access to more than 380 Bitcoin. Ihor Osipov, a former district council member in Odesa, also said he had lost 1,800 ETH of what was previously listed in his last public declaration.

As war creates a similar disruption to traditional financial systems, the growing presence of crypto amongs Ukrainian officials speaks to how the phenomenon is growing into play in the nascent country’s financial landscape. Cryptocurrencies act as a hedge against devaluation of traditional currencies and portable store of value in times of uncertainty for many.

In the coming years, analysts predict crypto adoption among government employees and the broader population as there are no signs of the ongoing conflict abating.