Report: Ukraine uses bitcoin in war with Russia

New data from the analytical company Elliptic show that over the past year, the volume of financial assistance to Ukrainian non-governmental groups, some of which are also militarily active, has risen sharply. According to the company, this financial aid is likely to cover the costs of a possible war with Russia.

According to the scenario, new data from the Elliptical Company show that as tensions on the Ukrainian border continue to escalate, NGOs in the country are seeing a significant increase in financial aid through bitcoin.

The organizations mentioned in this report are not charities or organizations active in promoting social justice; The debate is about pro-Ukrainian hacker groups and military organizations operating for political purposes.

According to Elliptical, NGOs and other groups use digital currencies to raise the funds needed for war.

Russia has deployed 100,000 to 130,000 troops on its border with Ukraine and Belarus to deal with possible attacks. The United States, Ukraine’s main ally, has also sent 3,000 troops to the region, with another 8,500 on standby.

Report: Ukraine uses bitcoin in war with Russia
Graph of financial assistance based on digital currency for Ukrainian NGOs

According to the report, over the past decade, Ukrainian NGOs have begun providing financial support to troops by providing military weapons and medical equipment in response to corruption in the country’s government apparatus. Elliptical says donors are using bitcoins to transfer money to these organizations and bypass all banks and financial institutions that may block payments.

The report states:

Elliptical has identified several digital wallets used by these volunteer groups and NGOs, which have received a total of more than $ 570,000 in digital currency, most of them from last year.

Some of the groups mentioned by Elipitek that receive donations through Bitcoin are:

  • Come Back Alive – Provider of training, military and medical equipment.
  • Peacemaker Center – a group affiliated with the Government of Ukraine.
  • Ukrainian Cyber ​​Alliance – a hacker group with political goals.
  • Belarusian cyber partisans – a political hacker group.

It should be noted that hacker groups have so far carried out attacks on Russian targets. Last year, the Ukrainian cyber alliance alone received a total of about $ 100,000 in bitcoins, lightcoins, atriums and stable coins, Elliptik said.

According to Elliptical, however, the idea did not originate in Ukraine. Institutions have learned this method from pro-Russian groups that have been using bitcoin to raise funds since early 2014.

However, bitcoin and digital currencies make up only a small part of the capital that flows into Ukraine. Most funds are transferred through traditional payment systems in Fiat currencies.

The publication Report: Ukraine uses bitcoin in the war with Russia appeared for the first time in the digital currency.

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