Russian Invasion: Ukraine Volunteer Group Raises $4 Million in Bitcoin: Report

Ukrainian volunteer group, Come Back Alive, received $3 million (roughly Rs. 22516.62 crore) in a single Bitcoin donation alone on Friday.

By Reuters | Updated: 26 February 2022 19:01 IST

Russian Invasion: Ukraine Volunteer Group Raises $4 Million in Bitcoin: Report

Highlights

Russian Invasion: Donations to volunteer and hacking groups had soared
Bitcoin and other tokens can be sent and received anonymously
Come Back Alive reportedly provides medical supplies to Ukraine's army

A Ukrainian volunteer group that provides equipment to the country's army has received over $4 million (roughly Rs. 30022.16 crore) in Bitcoin donations since Russia launched its invasion on Thursday, according to blockchain analysis firm Elliptic.

London-based Elliptic said earlier this month that donations to Ukrainian volunteer and hacking groups had soared as Russian troops massed near the border. Since the invasion, however, it has tracked transfers of much larger sums to these groups.

One Ukrainian volunteer group, Come Back Alive, received $3 million (roughly Rs. 22516.62 crore) in a single Bitcoin donation alone on Friday, Elliptic said, though the identity of those behind the donations was unclear as Bitcoin and other tokens can be sent and received anonymously.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Missiles pounded Kyiv on Friday and families cowered in bomb shelters as Russian forces pressed their advance and authorities said they were girding for an assault aimed at overthrowing the government.

Kyiv-based Come Back Alive, which says it provides kit and medical supplies to Ukraine's army including drones and sniper-rifle scopes, did not immediately respond to a request for comment.

The group told Reuters earlier this month that it had raised cryptocurrency worth $167,000 (roughly Rs. 12,541,419) in over a dozen transactions between August and early February. At the time, Come Back Alive said the funds remained unused and that it was saving cryptocurrency-denominated donations for "future projects."

Ukraine, Russia Navigate Economic Hurdles via Bitcoin: Here's How

The spike in donations underscores the growing role of cryptocurrencies in online fundraising, partly because anonymity allows organisations to raise money even if financial firms do not allow, or impose strict checks on, transfers of funds.

Ukraine tightened checks on transfers of funds in 2020 to curb money laundering, demanding ID verification for some domestic cash transfers. Cross-border transfers are also subject to mandatory monitoring. Bitcoin was trading at Rs. 30,85,561 on Saturday.

© Thomson Reuters 2022

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.