More than 1.7 million Ukrainians have fled the country’s borders since the conflict began, the United Nations says, the “fastest-growing refugee crisis in Europe since World War II,” in the words of UN High Commissioner for Refugees Filippo Grandi. Although some refugees are transferring their funds into crypto as a method of safely storing and transferring their wealth across borders, “this is a small fraction, among only those that have prior experience with crypto,” said Obchakevich. “For the average citizen in a panic, it is easiest to cash in a dollar or euro. However, the frenzy near ATMs has only grown and it is very difficult to withdraw cash now.”
