Bitcoin contributions to the Ukrainian military are on the rise after Moscow launched a major Ukrainian offensive in early Thursday.
New data from blockchain analytics firm Elliptic shows that through a 12-hour window on Thursday, about $ 400,000 in bitcoin was donated to Come Back Alive, a Ukrainian non-governmental organization providing support for armed forces.
The new crypto donation cycle is a major step forward in recent weeks, when donations reaching hundreds of thousands of dollars have been leaked to Ukrainian NGOs and groups of volunteers working to stem the tide of Russian aggression, according to the Elliptic.
Activists use crypto for a variety of purposes, including equipping the Ukrainian army with military equipment, medical equipment, and drones, and funding the development of a face recognition program designed to identify whether someone is a Russian expert or spy.
“Cryptocurrency is increasingly being used for crowdfund warfare, with the silent consent of the government,” said Tom Robinson, a senior Elliptic scientist, who sells blockchain analytics tools to banks and cryptocurrency platforms.
There is no limit and no research evidence
Teams of volunteers have long expanded the work of the Ukrainian military by providing additional resources and personnel. When Ukrainian pro-Russian president Viktor Yanukovych was ousted in 2014, for example, volunteers stepped up to support the protesters.
Typically, these organizations receive funding from private donors through banking lines or through payment programs. Cryptocurrencies like bitcoin have become very popular, however, as they allow them to bypass financial institutions that may block payments in Ukraine.
Volunteer groups and NGOs have raised more than $ 1 million in cryptocurrency, according to the Elliptic, though that number seems to be rising sharply as donations come in the wake of a recent launch in Russia.