Cryptocurrency and Bitcoin donations to Ukrainian charities


A new study by blockchain
analytics company Elliptic indicates that Ukrainian NGOs are seeing a sharp
rise in Bitcoin donations due to mounting tensions along Ukraine's border.
The pro-Ukrainian
hacktivists and those involved in military operations are providing financial
assistance to the military and are involved in cyber warfare. These are not
charities dedicated to fighting poverty or promoting social justice.
There are an estimated
100,000 to 130,000 Russian troops along the Ukrainian and Belarusian borders.
The United States, a Ukraine ally, has deployed 3,000 troops to the region,
with another 8,500 on high alert.
Over $200,000 in bitcoin
donations were received by the organization Come Back Alive in the second half
of 2021, marking a recent jump in funding. The company provides the Ukrainian
army with sniper-rifle scopes, drones, and mobile surveillance systems.
Another group is the
Ukrainian Cyber Alliance, which has conducted cyberattacks against Russian
targets along with the Belarusian Cyber-Partisans, which received around
$100,000 in crypto. The alliance spokesperson said last year that the group was
obtaining information on Russian politicians and security figures, and passing
it on to Ukraine's military.
Elliptic reported, "By
embracing crypto-asset fundraising, Ukrainian volunteer groups are actually
emulating techniques previously employed by Russia since the very start of the
Russo-Ukrainian War."
Activists in Ukraine aren't
the only ones looking toward Bitcoin. In the early days of the Russo-Ukraine
conflict, pro-Russian separatists raised funds in bitcoins.
Bank wires or payment apps
have been the most common method of receiving funds from private donors, but
cryptocurrencies such as bitcoin have become more popular as they bypass banks
that may deny payments to Ukraine.
Despite this, the majority
of funding flowing into Ukraine comes from traditional payment systems, not
cryptocurrency.

Pavan A
CBW - External Analyst
INDIA