Ukrainian Defense Efforts Bolstered By Crypto Donations
February 13 2022 - 4:46PM
NEWSBTC
The use of cryptocurrency by Ukrainians is an effort to fight back
against Russian troops positioned in their country. A blockchain
analytics firm Elliptic revealed that Ukrainian crowdfunding had
increased 900% since 2021, with most donations coming from within
Ukraine itself rather than externally like before when it was
funded mainly by other countries or organizations who saw what they
called “a crisis.” Related Reading | Ukraine Adopts New Law To
Legalize Bitcoin And Other Cryptocurrencies These groups have seen
a significant rise in cryptocurrency funding thanks to Bitcoin. As
a result, digital currency is becoming an alternative channel for
donors, despite restrictions imposed by traditional financial
systems. Bitcoin allows people worldwide to make connections
and create change that lasts far beyond anyone’s donations – crypto
contributions can now harness this power. In 2021, non-government
organizations and volunteer groups received more than $500,000
worth of Bitcoin as crowdfunding. This marked a 900% increase from
2020. Since the Ukrainian military was effectively crumbling
against the Russian invasion, many citizens have taken up arms to
fight. They are called “volunteer groups.” They get funding from
private donations. Ukrainian Fundraising Campaigns Receive Crypto
Funding In the modern era, cryptocurrencies are becoming more
popular as funding for fundraising campaigns. Elliptic’s study
shows that digital currency users can contribute to these types of
organizations and receive payment from them more effortlessly than
ever before without having any interference or problems with
cross-border payments, which makes it very attractive, among other
things too. With the potential of their payments being denied,
private donors have turned away from bank wires and app payment
systems in favor of Bitcoin. Some fundraising campaigns have had
accounts closed before due to financial institution restrictions on
certain funds raised through that particular means. Relatively new
to this type of donation process. Still, it’s becoming more popular
among those seeking alternative ways to donate money. Related
Reading | Solana’s Outlook Bullish Post Phantom’s Fundraising Round
Elliptic has revealed that one of the organizations they’ve
uncovered thus far, Come Back Alive– a group that received nearly
$200,000 in funding recently from September to December last
year–provides support primarily for Ukraine’s army. Cybersecurity
organizations have been receiving funding via cryptocurrencies for
years now. One such organization is the Ukrainian Cyber Alliance.
The group primarily carries out cyber operations against
Russia-based hackers and propaganda disseminators. The organization
get help from its supporters worldwide through Bitcoin donations or
Litecoin mining ventures. They’ve received almost $100 thousand in
Bitcoin and other cryptocurrencies to fund their operations against
Russia last year. 10,000 Russian Troops Massacred Near Border With
Ukraine The recent increase in military deployment near the border
between Russia and Ukraine has residents on edge. Russia had
stationed more than 10 thousand troops near eastern Donbas since
last year when the conflict began following the Maidan revolution.
To date, more than 6000 people, including soldiers, have died due
to violence. Both sides blame each other for these deaths. Featured
image from Pixabay, chart from Tradingview.com
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