Live Updates: $4 Million in Crypto Crowdfunded for the Ukrainian Military

Cryptocurrencies
25.02.2022 04:30 pm

Following the Russian invasion of Ukraine, NGOs and volunteer groups in the country have raised over $4 million in cryptoasset donations. The charts in this article will be updated with the latest figures.

On February 24th alone, one NGO received over $675,000 in Bitcoin, and by 9:30am on the 25th, it had already received more than $3.4 million – over $3 million of which was sent by a single donor. This pushes the total raised by these groups since the start of the invasion to over $4 million.

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As described in previous Elliptic research, volunteer groups have played a critical role in the Russo-Ukraine conflict over the past decade, and they are often very closely linked to the Ukrainian government. These groups are funded by private donors, who have used bank wires and payment apps to donate millions of dollars. Cryptoassets such as Bitcoin have also emerged as an important alternative funding method. They allow quick, cross-border donations, which bypass financial institutions that might be blocking payments to these groups.

These groups include Come Back Alive, which takes its name from the inscriptions on the bullet-proof vests that were its first donations to the army. The group now provides a range of military equipment, training services and medical supplies. It even funded the development of a drone-based reconnaissance and targeting system for Ukrainian artillery units.

On February 24th, the membership platform Patreon announced that it had suspended Come Back Alive’s page due to policy violations as a result of its military activity. This development may have contributed to an increase in Bitcoin donations observed on the morning of February 25th. However, it should be noted that today’s donations were dominated by one single donation of 80 BTC.

Other pro-Ukrainian organizations have also appealed for donations in cryptoassets – including an NFT collection. The founders allege that the profits from any sales will be donated to Come Back Alive, although it should be noted that Elliptic hasn’t verified the claims of the creators, and therefore caution is advised.

With sanctions enforced against the Donetsk and Luhansk regions, financial organizations need to stay ahead of developments that might expose them to risk. Download our Sanctions Compliance in Cryptocurrencies guide to understand the sanctions risks posed by cryptoassets, and the tools and techniques that can be used to overcome them.