Ukrainian Defense Efforts Supported by Crypto Donations
The use of cryptocurrency by Ukrainians is an attempt to fight back against Russian forces positioned in their country. A blockchain analytics company Elliptical Revealed that Ukrainian crowdfunding had risen 900% since 2021, with most of the donations coming from within Ukraine itself rather than from outside as before, when it was mainly funded by other countries or organizations seeing what they termed “a crisis.”
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These groups have seen a significant surge in cryptocurrency funding thanks to Bitcoin. As a result, digital currencies are becoming an alternative channel for donors, despite restrictions imposed by traditional financial systems.
Bitcoin empowers people around the world to make connections and create changes far beyond everyone’s donations – crypto contributions can now harness this power.
In 2021, non-governmental organizations and volunteer groups received more than $500,000 worth of Bitcoin as crowdfunding. This represented an increase of 900% compared to 2020.
Bitcoin has been trading between $42,000 and $43,000 since yesterday | Source: BTC/USD on Tradingview.com
Since the Ukrainian military basically crumbled against the Russian invasion, many civilians have taken up arms to fight. They are called ‘volunteer groups’. They receive money from private donations.
Ukrainian Fundraising Campaigns Receive Cryptocurrency
In modern times, cryptocurrencies are becoming more and more popular as funding for fundraising campaigns. Elliptic’s study shows that users of digital currency can contribute to this type of organization and receive payments from them more easily than ever without interference or problems with cross-border payments, which also makes it very attractive among other things.
With the potential to have their payments declined, private donors have turned away from bank transfers and app payment systems in favor of Bitcoin. Some fundraising campaigns have previously closed accounts due to restrictions by financial institutions on certain funds raised through those specific funds. Relatively new to this type of donation process. Still, it is becoming increasingly popular among people looking for alternative ways to donate money.
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Elliptic has revealed that one of the organizations they’ve discovered so far, Come Back Alive — a group that recently received nearly $200,000 in funding from September to December last year — is primarily providing support to the Ukrainian military.
Cybersecurity organizations have been receiving funding through cryptocurrencies for years. One such organization is the Ukrainian Cyber Alliance. The group primarily conducts cyber operations against Russia-based hackers and propaganda disseminators. The organization gets help from its supporters around the world through Bitcoin donations or Litecoin mining ventures. They received nearly $100 thousand in Bitcoin and other cryptocurrencies last year to fund their operations against Russia.
10,000 Russian troops massacred near Ukraine border
The recent increase in military deployment near the border between Russia and Ukraine is putting residents on edge. Russia had stationed more than 10,000 troops near eastern Donbas since last year when the conflict began after the Maidan Revolution. To date, more than 6,000 people, including soldiers, have been killed by violence. Both sides blame each other for these deaths.
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