While the tension between Ukraine and Russia continues, global powers are making efforts to prevent a possible war. However, according to new data, Ukrainians Bitcoin preparing for a possible conflict situation.
Hundreds of Thousands of Dollars of Bitcoin Flows to Ukraine
According to data from blockchain analytics company Elliptic, hundreds of thousands of dollars in Bitcoin are flowing into Ukraine’s nonprofits and volunteer groups.
According to the data, the Ukrainian cryptocurrency donations increased by 900% in 2021.
Cryptocurrency raising goals of Ukrainian activists include providing military equipment, medical supplies, and drones to the Ukrainian military, as well as developing a facial recognition app that can recognize Russian mercenaries or agents.
Tom Robinson, one of the Elliptic researchers, said:
Cryptocurrencies are now being used to fund wars, thanks to their silent approval in their countries.”
However, although Russia says that it is not involved in any attack against Ukraine, the countries led by the USA and NATO countries are helping the country to prepare Ukraine for a possible war.
Volunteer groups usually accept donations through bank transfers and payment apps, but these transactions are now done through cryptocurrencies such as Bitcoin, as financial institutions may prevent money from entering Ukraine.
According to Elliptic’s report, Ukrainian volunteer groups and non-governmental organizations received a total of $570,000 in crypto donations. Most donations were made last year. Next to Bitcoin among the cryptocurrencies in question Litecoin, Ethereum and stablecoins.