Ukrainians Turn to Bitcoin Crowdfunding in Preparation of a Possible Russian Invasion

Ukrainians Turn to Bitcoin Crowdfunding in Preparation of a Possible Russian Invasion

Donations totaling hundreds of thousands of dollars have flooded into Ukrainian nongovernmental organizations and volunteer groups, to help fund Ukainian protection in case of a Russian invasion accross Ukrainian borders.

Russia has about 70% of the combat power in place in its neighboring country Belarus, of the total amount it would need for a full-scale invasion of Ukraine. Two U.S. officials said on Saturday that Russia is planning to send more battalion tactical groups to the border with its neighbor.

According to a BBC report Russia and ally Belarus have started a 10 day joint military drill now, fueling ongoing fears of a Russian invasion of Ukraine. The US governement is afraid that these exercises could escalate tensions between Russia and Ukraine, as it could amount to, as the Ukrainians call it themselves, “increasing psychological pressure.”

Russia itself has also denounced the recent boost of US troups within Europe calling it a “destructive” step which heightened tension and reduced the scope for a political solution.

A report by Elliptic, a London-based blockchain analysis provider, says that in the past the Ukrainian military was not able to not cope on its own. Volunteer groups stepped in providing soldiers, weapons and medical supplies to fill the gap.

The report also mentions that these groups were, and are still funded by private donors, who have used bank wires and payment apps to donate millions of dollars. Bitcoin has also emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups.

One of the largest organizations receiving Bitcoin funding and providing support to the Ukrainian army is the Come Back Alive foundation Founded in 2014. A group that claims to  continiously work on supplying and repairing equipment, training the military and its officers and curbing the flow of propaganda and disinformation. For the seventh year in a row, the group provides the Ukrainian army with what they call the most important thing – a tactical advantage.

Published at Thu, 10 Feb 2022 19:41:41 +0100

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