Ukraine Will Use BTC To “Fund War” With Russia: Elliptic Report

According to a new report by Elliptic, Ukraine will use BTC to “fund the war” with Russia, detailing how the NGOs and the volunteer groups will use it to fund operations against Russia so let’s read further in today’s latest Bitcoin news.

The new report by Elliptic points out that there was a sharp rise in BTC and crypto donations to Ukrainian NGOs. Most of the groups provide financial assistance to the military and the others are involved in cyber warfare. As the tensions on the Ukrainian border continue to enhance, the NGOs in the country are seeing a sharp rise in BTC donations. These are not charities to fight poverty or the spread of social justice but donations from hacktivists to military organizations. Elliptic says that the amounts to NGOs and other groups using crypto can certainly “crowdfund war”.

Russia amassed 100,000 to 130,000 troops on the borders with Belarus and Ukraine as a prelude to a potential invasion. The US as an ally to Ukraine moved 3000 troops into the region with another 8500 being on an enhanced alert. According to the reprots, in response to the government corruption, the local NGOs started securing financial support for weapons, soldiers, and medical supplies in the past 10 years. Elliptic noted that the donors are using BTC to funnel money to these NGOs and bypassed banks as well as other financial institutions that could block these payments. The report stated:

“Elliptic has identified several cryptocurrency wallets used by these volunteer groups and NGOs, which have collectively received funds totaling just over $570,000 – much of it over the past year.”

The report states that Ukraine will use BTC that was donated in order to “fund the War” and some of the troops are seemingly receiving the coins by entities like Come Back ALive which is an organization that provides military equipment, training, and medical equipment. Myrotvorets Center also has ties to the Ukranian governemnt. Others include hacktivist groups Ukrainian Cyber Alliance and Belarusian cyber partisans that engaged in previous cyberattacks against Russian targets. Elliptic says that last year the Ukrainian cyber Alliance received up to $100,000 in BTC, ETH, LTC, and stablecoins.

Ukraine didn’t operate the idea but the reports show that organizations are taking the idea from pro-Russia groups that started using BTC donations in 2014. however, BTC and crypto-only make a small portion of the funding that gets into Ukraine. Most of the funds are fiat currencies via traditional payment systems.
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