The use of cryptocurrencies by the Ukrainians is an effort to fight against the Russian troops positioned in their country. A blockchain analytics firm revealed elliptical that Ukrainian crowdfunding had increased by 900% since 2021, with the majority of donations coming from Ukraine itself rather than from abroad as before, when it was mostly funded by other countries or organizations that saw what they called “a crisis”.
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These groups have seen a significant increase in cryptocurrency funding thanks to Bitcoin. As a result, digital currency is becoming an alternative channel for donors, despite the restrictions imposed by traditional financial systems.
Bitcoin enables people around the world to make connections and create change that lasts far longer than any one person’s donations – crypto contributions can now harness this power.
In 2021, non-governmental organizations and volunteer groups received more than $500,000 in Bitcoin as crowdfunding. This marked a 900% increase from 2020.
Bitcoin is trading between $42,000 and $43,000 since yesterday | Source: BTC/USD at Tradingview.com
Since the Ukrainian military was effectively crumbling against the Russian invasion, many citizens have taken up arms to fight back. They are called “volunteer groups”. They get funding from private donations.
Ukraine Fundraising Campaigns Receive Crypto Funding
In the modern age, cryptocurrencies are becoming more popular as financing for fundraising campaigns. Elliptic’s study shows that digital currency users can contribute to and receive payments from these types of organizations more easily than ever before without having any interference or problems with cross-border payments, which makes it very attractive, among other things.
With the possibility of their payments being denied, private donors have moved away from bank transfers and app payment systems in favor of Bitcoin. Some fundraising campaigns have had accounts closed before due to financial institution restrictions on certain funds raised through that particular medium. Relatively new to this type of donation process. Still, it is becoming more popular among those looking for alternative ways to donate money.
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Elliptic has revealed that one of the organizations they have uncovered so far, Come Back Alive, a group that recently received nearly $200,000 in funding from September to December of last year, primarily provides support to the Ukrainian military.
Cybersecurity organizations have been receiving funds through cryptocurrencies for years. One such organization is the Cyber Alliance of Ukraine. The group primarily conducts cyber operations against Russia-based hackers and propaganda spreaders. The organization receives help from its supporters around the world through donations of Bitcoin or Litecoin mining companies. They received nearly $100k worth of Bitcoin and other cryptocurrencies to finance their operations against Russia last year.
10,000 Russian soldiers massacred near the Ukrainian border
The recent increase in military deployment near the Russian-Ukrainian border has residents on edge. Russia had stationed more than 10,000 troops near eastern Donbas since last year, when the conflict began after the Maidan revolution. To date, more than 6,000 people, including soldiers, have been killed in the violence. Both sides blame each other for these deaths.
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