Russian Invasion: Ukraine Volunteer Group Raises $4 Million in Bitcoin: Report

According to blockchain analysis firm Elliptic, a Ukrainian volunteer group that provides equipment to the country’s military has received more than $4 million (about Rs 30022.16 crore) in bitcoin donations.

London-based Elliptic said earlier this month that donations to Ukrainian volunteers and hacking groups had increased due to a rush of Russian troops near the border. However, since the invasion, it has tracked the transfer of very large sums of money to these groups.

A Ukrainian volunteer group, Come Back Alive, received $3 million (approximately Rs.22516.62 crore) in one go. Bitcoin Friday alone donations, Elliptic said, although the identities of those behind the donation were unclear because bitcoin and other tokens can be sent and received anonymously.

Missiles dashed Kiev on Friday and families drowned in bomb shelters as Russian forces pressed their advance and officials said they were gearing up for an attack aimed at overthrowing the government.

Kiev-based Come Back Alive, which says it provides kits and medical supplies to Ukraine’s military, including drones and sniper-rifle scopes, did not immediately respond to a request for comment.

The group told Reuters earlier this month that it had raised $167,000 worth of cryptocurrency in more than a dozen transactions between August and early February. At the time, Come Back Alive said the funds remained untapped and that it was saving cryptocurrency-valued donations for “future projects.”

The increase in donations underscores the growing role of cryptocurrencies in online fundraising, partly because anonymity allows organizations to raise funds even if financial firms do not allow the transfer of funds, or do not impose strict scrutiny.

While demanding ID verification for some domestic cash transfers, Ukraine banned the transfer of funds in 2020 to prevent money laundering. Cross-border transfers are also subject to mandatory monitoring. bitcoin was Trade 30,85,561 on Saturday at Rs.

© Thomson Reuters 2022

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