As tensions at the Ukrainian border continued to increase, non-governmental organizations of Ukraine (NGOs) saw a sharp increase in Bitcoin donations, according to a new report by Blockchain Analytics Company Elliptic This is not a charity to fight poverty or disseminate social justice. We talk about pro-Ukrainian hackers and military organizations Elliptic said it amounted to NGOs and other groups using Cryptocurrency to “crowdfund war Russia has collected 100,000 to 130,000 soldiers on its borders with Ukraine and Belarus as an introduction to a potential invasion. The United States, the Allies of Ukraine, have moved 3,000 troops to this region, with 8,500 others on increasing warnings.
Per reports, in response to government corruption, local NGOs have begun to secure financial support for soldiers, weapons, and medical supplies over the past decade. Elliptic said that donors use Bitcoin to channel money to the NGO, through any financial banks and financial institutions that can block payments “Elliptic has identified several cryptocurrency wallets used by these volunteer groups and NGOs, which collectively have received more than $ 570,000 in funds – mostly over the past year,” said the report.
Some Elliptic groups said accepting Bitcoin contributions including life again, which provided training, military, and medical equipment, and the center of myrotvorets, which had a bond with the Ukrainian government Others include the hacktivist groups of Ukraine Cyber Alliance and Belarusian cyber-partisan, which has been involved in Cyberattack against Russian targets. Elliptic said that last year, the Cyber Ukrainian alliance had received almost $ 100,000 in bitcoin, litecoin, ethereum, and stablecoinin.
Ukraine does not originate the idea. Elliptic said the organization took the idea of a pro-Russian group, which began using Bitcoin fundraising in early 2014 However, Bitcoin and Cryptocurrency only make a small portion of funding flowing to Ukraine. Most of the funds are fiat currency through traditional payment systems.