Since Thursday’s invasion, a Ukrainian volunteer group that supplies military equipment has received nearly $4 million in bitcoin, according to Elliptic
According to Elliptic, a Ukrainian volunteer organization that supplies equipment to the country’s army has received over $4 million in bitcoin donations since Russia began its assault on Thursday.
London-based Elliptic stated earlier this month that contributions to Ukrainian volunteer and hacking organizations had increased as the Russian military massed around the border. It has, however, documented far larger sums of money being sent to terrorist organizations since the invasion.
Elliptic said that a Ukrainian volunteer organization, Come Back Alive, received $3 million in a single bitcoin payment on Friday, although the donors’ identities remained unknown due to the anonymous nature of bitcoin and other tokens.
As Russian soldiers advanced and authorities suggested they were preparing for an offensive intended at deposing the government, missiles pummelling Kyiv, and inhabitants sought refuge in bomb shelters.
Reuters reported earlier this month that the organization raised $167,000 in bitcoin between August and early February via more than a dozen transactions. At the time, Come Back Alive said that the funds had been idle and that it was conserving bitcoin donations for “future endeavors.” The surge in donations demonstrates the growing importance of cryptocurrencies in online fundraising, owing in part to their anonymity, which allows organizations to collect funds even when financial institutions prohibit or severely restrict payment transfers.
Ukraine enhanced limitations on financial transfers in 2020 to prevent money laundering, including ID verification for some domestic cash transactions. Additionally, cross-border transactions must be monitored.
