Thu 10 February 2022:
As tensions over the Ukraine situation continue to rise, a new report claims that Kyiv is collecting Bitcoin donations to fund a possible war against Russia.
According to Elliptic, a blockchain analytics business, donations worth thousands of dollars have poured into non-governmental organizations (NGOs) and volunteer groups, growing by more than 900 percent in 2021.
According to the report, NGOs and volunteer groups enraged by government corruption have taken it upon themselves to purchase weaponry and medical supplies for Ukrainian military, as well as the development of a facial recognition system that can detect Russian mercenaries and spies.
Elliptic says that donors are using Bitcoin to funnel money to such NGOs, bypassing any banks and financial institutions that might block payments.
New Elliptic research shows how war in the Ukraine is being crowdfunded with #crypto. Crypto funds are used to equip the Ukrainian army and fund cyberattacks against Russia. Crypto donations to these groups increased by over 900% in 2021. https://t.co/7clIA9hZYz pic.twitter.com/1PXcyqfDKG
— elliptic (@elliptic) February 8, 2022
“Elliptic has identified several cryptocurrency wallets used by these volunteer groups and NGOs, which have collectively received funds totalling just over $570,000 – much of it over the past year,” states the report.
Come Back Alive, which provides training, military, and medical equipment, and the Myrotvorets Center, which has ties to the Ukrainian government, are among the organizations receiving Bitcoin donations, according to the study.
While Russia and the United States continue to threaten each other over the Ukraine crisis, numerous European leaders are attempting to broker a deal to avoid a conflict in the region.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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