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Ukrainian Defense Efforts Benefit from Crypto Crowdfunding

Key Takeaways Ukrainian volunteer groups and non-governmental organizations received a record amount of funding through Bitcoin donations last year. Most of these organizations are organized to defend against a possible invasion by Russian troops. Bitcoin donations to Ukrainian interests rose by more than 900% in 2021. Ukrainian volunteer groups organized to defend the nation against the Russian invasion received a 900% increase in Bitcoin donations in 2021, according to a report released today. Defense funding from CryptoUkrainian defense efforts received a boost from Bitcoin donations in 2021, according to a report by blockchain forensics firm Elliptic. In 2021, more than $500,000 worth of Bitcoin was used to crowdfund non-governmental organizations and volunteer groups. This amount represented a 900% increase in Bitcoin donations in 2020. Many of these “volunteer groups”, who are basically civilian soldiers, have stepped in to replenish the Ukrainian military in the wake of its effectively crumbling against the Russian invasion. of Crimea in 2014. They are largely funded by private donors. While the Elliptic report noted that cryptocurrencies still made up only a small portion of the money allocated to fundraising campaigns, it is an increasingly common funding method. Elliptic also highlighted the strengths of digital currencies with regard to cross-border payments, providing “easier access for wealthy foreign donors”. Private donors who typically use bank transfers and payment apps to support their choice of goals have increasingly turned to Bitcoin to evade the potential of their payments. In addition, accounts associated with various fundraising campaigns have previously been closed by financial institutions. Elliptic cited several examples of Ukrainian organizations that had received money. One such organization is Come Back Alive, which received nearly $200,000 in the second half of last year. The organization mainly provides support to the Ukrainian army. Another group, the Ukrainian Cyber ​​Alliance, is funded solely through cryptocurrencies. It has received nearly $100,000 in the past year through Bitcoin, Litecoin, Ethereum, and stablecoins. The Ukrainian Cyber ​​Alliance mainly conducts cyber operations against Russia. Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. Ukraine passes law to legalize Bitcoin, crypto companies Ukraine’s lawmakers have voted to legalize crypto property and companies operating in the space. Ukraine gives citizens the right to own crypto Ukraine has become the latest country to… Belarus, Ukraine and Russia: time to rethink their technology? Since the fall of the Soviet Union, the Eastern European region has been experiencing growing pains. However, one thing the newly formed nations could always hang their hats on was a… NFT Express: Your Entryway into the World of NFTs At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to Solidity needs to learn or create your own smart contracts. Anyone can bet… Binance plays role in US sanctions against Russian crypto exchange Leading crypto exchange Binance has assisted the OFAC in its investigation of the Russian crypto exchange Suex OTC. Binance Reports Ransomware Linked Money Laundering
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