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Buterin Declares, "Ethereum is Neutral, But Not I" in Condemnation of Russia's Attack

Minutes after Russia declared a "special military operations" in Ukraine, effectively declaring War on the Eastern European country. Vitalik Buterin (a Russian-Canadian cofounder) of the Ethethereum B Blockchain, criticised Putin on Twitter.

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Buterin Declares, "Ethereum is Neutral, But Not I" in Condemnation of Russia's Attack

Buterin Speaks Out

Buterin stated Wednesday evening that he was "very upset” by Putin's decision to launch a war rather than finding a peaceful resolution to Russia's dispute with Ukraine.

Vitalik posted in Russian to Twitter:

"Very disappointed by Putin's decision not to seek a peaceful resolution to the dispute with Ukraine, but to go to war." This is a crime against both the Ukrainian and Russian people."

"I wish everyone security, even though I know there won't be any security," wrote the Russian-Canadian crypto cofounder, concluding his statement by saying "Glory To Ukraine".
CNN reported Wednesday evening that there was a "constant stream" of explosions in several Ukrainian cities, including Kyiv (the country's capital) and Kharkiv (the country's second largest city). Oleksiy Sorokin (a correspondent for Kyiv Independent) tweeted that "subways are packed, streets also are, people [are gathering] together with loved ones, and [trying] [to flee]." According to the Ukrainian State Air Traffic Services Enterprise, Ukraine had also closed its airspace for civilian aircrafts due to the serious threats to aviation safety.

Crypto Market tumbles

After Putin's announcement, cryptocurrency markets plunged. Bitcoin prices fell 3.8% to $35.031.86 Thursday morning. Ethereum prices dropped 5.2 percent, to $2,388.98. Bitcoin prices have fallen by around 20% over the past week while Ethereum prices dropped 22%. This undermines the notion that cryptocurrency can withstand geopolitical crises which could wreak havoc in traditional financial markets. Ethereum prices plummeted 5.2 percent to $2,388.98.

On the other side, stablecoins like USDT, BUSD and USDC saw their value rise slightly on the day. As safe haven assets have increased in demand, stablecoin trading volumes have soared.