In the last day, Bitcoin contributions to a pro-military Ukrainian group have risen dramatically.
Russian President Vladimir Putin launched a series of missile attacks on Ukraine early Thursday morning, describing it as a “special military operation.” On three fronts, Ukraine is now fighting a replete Russian invasion.
As Ukraine prepped itself for more strikes, blockchain analytics and compliance startup Elliptic said earlier today that $400,000 in bitcoin had been contributed to “Come Back Alive,” a Kyiv-based Ukrainian non-governmental organization that provides equipment to the military.
According to Elliptic, the new round of crypto funding through donations builds on a pattern seen in previous weeks, in which hundreds of thousands of dollars were poured into Ukrainian NGOs and voluntary associations.
Activist groups have used the cryptocurrency for a number of objectives, notably providing military weapons, medical aid, and drones to the Ukrainian army, as well as supporting the establishment of a facial recognition tool to determine whether someone is a Russian military or spy.
Tom Robinson, the chief scientist of Elliptic, which sells blockchain analytics tools to banks and cryptocurrency platforms, said,
“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments.”
Bitcoin and other cryptocurrencies have become unrestrained and unhindered by censorship
Volunteer organizations have traditionally supplemented the military’s efforts in Ukraine by providing additional resources and people. Volunteers stepped up to support demonstrators after pro-Russian Ukrainian President Viktor Yanukovych was deposed in 2014.
Generally, private contributors provide money to these groups through bank wires or payment apps. Cryptocurrencies like bitcoin, on the other hand, have grown in popularity as a way to avoid banking firms that might block transfers to Ukraine.
According to Elliptic, volunteer groups and NGOs have collected over $1 million in cryptocurrency, however, that number is rapidly rising as contributions pour in despite Russia’s newly initiated attack.
Since 2018, Come Back Alive has accepted cryptocurrencies as payment for military weapons, skills training, and medical aid. Pro-Russian separatists, on the other hand, have been using bitcoin to raise donations since the onset of the crisis. At the time of writing, Bitcoin (BTC) was priced at $38,582.23 and had shot up by 9.52% in the last 24 hours.