Ukrainian activists and volunteer groups are crowdsourcing significant money through crypto donations to fund the defense against a possible Russian invasion.
Fast facts
- Ukrainian non-governmental organizations (NGOs) and volunteer groups have collectively received over US$570,000 in crypto, with the majority of funding coming in last year, data from blockchain analysis firm Elliptic shows.
- Come Back Alive, one of the largest organizations providing support to the Ukrainian army, received close to US$200,000 in crypto in the second half of 2021.
- The Ukrainian Cyber Alliance, a hacktivist group carrying out cyber attacks against Russian targets, received close to US$100,000 in Bitcoin, Litecoin, Ether and stablecoins last year.
- Cyber Partisans, a hacktivist group in neighboring Belarus that has been countering Russia’s efforts against Ukraine, received US$84,000 in Bitcoin donations over the last six months.
- Simmering tension between Ukraine and Russia dominates recent headlines, with Russia moving over 100,000 troops to Ukrainian borders.
- Cryptocurrencies can often bypass government-controlled financial institutions, making it increasingly attractive in some cases — Myanmar’s shadow government is using Tether to fight against military rule while Iran is using crypto to evade sanctions and export oil.