Ukraine Blocks Crypto Wallets Used To Fund Russia Invasion

Ukraine government has seized and blocked the crypto wallets which were affiliated to raising funds for Russian military campaign. According to Security Service of Ukraine, a lot of foreign crypto companies helped Ukraine seize the funds.

The agency at the moment is tracking the funds and also transferring them under the Ukrainian jurisdiction. It has been reported that a Russian resident had been raising these funds back to Russian forced which were invading Ukraine.

Security Service of Ukraine has used a specific mechanism to seize and block these funds in the wallet.

Officials in Kyiv have claimed that the money has been collected through the wallet and was redirected to spend on military equipment for the pro-Russian separatist forces in the east.

The Security Service of Ukraine had adopted a mechanism which has been used to curb fundraising through crypto for troops that have been fighting on the Russian side.

The conflict had led to full-scale war when the Russian army crossed Ukrainian border with a special military operation that was in support of the pro-Russian breakaway region of Luhansk and Donetsk.

The entity responsible in sending and gathering the funds has identified himself as a volunteer who used the money for the needs of Russian forces since the invasion began.

Crypto Digital Wallet Had Funds Worth $22,000 Dollars

This move by Security Service of Ukraine came after concrete evidences collected by government agency with the help of foreign crypto companies. At the moment, the agency is focused on tracking and transferring the seized amount of money to the Ukraine jurisdiction.

The representatives of National Police of Ukraine and the Prosecutor General’s Office has also been a part of the operation. He raised the donations with the help of social media campaigns since the beginning of the Russia’s invasion of Ukraine.

During the conflict both the sides have been depending on donations to help the military efforts. In the month of August, Ukraine spent US$54 million worth of crypto donations on war supplies.

In order to carry out the media campaign, the individual had created relevant photo and video content which circulated similar posts of other associates and reported how the collected funds have been used.

Volunteers Chose Social Media To Carry Out The Campaigns

It was reported that the volunteers have used social media platforms to get financial assistance in the latest phase of the conflict. Ukraine and Russian forces have also been accepting crypto donations in order to win the war.

Ukraine had donated $54 million worth of donations on war supplies last week. The crypto trading volume in Ukraine have been considerably strong even though the country’s central bank banned crypto transactions. Digital payments were banned in Russia last month by President Vladimir Putin.

Recent reports from a Blockchain analysis firm Chanalysis recently reported that 54 groups supporting Russia. It got donations worth $2.2 million worth crypto donations at the end of July end. These donations were mainly done through Bitcoin and Ethereum.

Featured image from UnSplash, chart from TradingView.com