Ukraine Is Using Bitcoin to Fund A ‘Crowdfunding War’ Against Russia

Elliptic has released a new research detailing how Ukraine non-governmental organizations and volunteer groups are utilizing cryptocurrency to fund operations against Russia.

According to a recent analysis by blockchain analytics firm Elliptic, as tensions on Ukraine’s border continue to grow, Ukrainian non-governmental organizations (NGOs) are experiencing a dramatic increase in Bitcoin donations.

These aren’t charities dedicated to alleviating poverty or promoting social justice. These organizations are pro-Ukrainian hackers and military groups.

According to Elliptic, it amounts to NGOs and other organisations “crowdfund war.” with cryptocurrency.

In preparation for a possible invasion, Russia has gathered 100,000 to 130,000 troops on its borders with Ukraine and Belarus. The US, a Ukraine ally, has sent 3,000 soldiers to the region, with another 8,500 on high alert.

According to the research, in reaction to government corruption, local non-governmental organizations (NGOs) have been gaining financial backing for soldiers, ammunition, and medical supplies during the previous decade. According to Elliptic, contributors are utilizing Bitcoin to send money to such NGOs, avoiding any banks or financial institutions that may stop transfers.

The report states:

“Elliptic has identified several cryptocurrency wallets used by these volunteer groups and NGOs, which have collectively received funds totaling just over $570,000 – much of it over the past year,”

Come Back Alive, which offers training, military, and medical equipment, and the Myrotvorets Center, which has links to the Ukrainian government, are among the organizations getting Bitcoin donations, according to Elliptic.

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Patrick

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