Ukraine using Bitcoin to crowdfund possible war against Russia: Report
Ukraine soldiers
As tensions continue to mount over the Ukraine crisis, a new report has claimed that Kyiv is crowdfunding donations in Bitcoin to fund a possible war against Moscow.
According to a report by blockchain analytics company Elliptic, donations worth thousands of dollars have seeped into non-governmental organisations (NGOs) and volunteer groups— increasing by over 900 per cent in 2021.
The report states that NGOs and volunteer groups, who are peeved with government corruption, have taken upon themselves to fund weapons and medical supplies to Ukrainian soldiers, as well for the development of a facial recognition app that identifies if someone is a Russian mercenary or spy.
Elliptic says that donors are using Bitcoin to funnel money to such NGOs, bypassing any banks and financial institutions that might block payments.
“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.
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According to the report, groups receiving Bitcoin donations include Come Back Alive, which provides training, military, and medical equipment, and the Myrotvorets Center, which has ties to the Ukrainian government.
As Russia and US continue to exchange threats over the Ukraine crisis, several European leaders are trying to broker peace in order to stave off a war in the eastern European region.
France’s Emmanuel Macron, top ministers from Britain have arrived in Moscow to defuse the tense situation.
According to reports and claims made by the West, Russia has amassed over 100,000 troops near the Ukrainian border, stoking fears of invasion.
On Thursday Russia began the 10-day joint military drills in Belarus, Ukraine's northern neighbour and a close ally of Russia. Some 30,000 Russian troops are expected to take part.
A Kremlin spokesman said the joint drills were serious, but he pointed out the nature of threats was higher than before.
(With inputs from agencies)