Ukraine Blocks Crypto Wallets Used to Fund Russian Invasion | bitcoinist.com
- Susan G. Hall
- on Aug 25, 2022
Ukrainian Government Seized and Blocked Crypto wallets who were affiliated with raising funds for the Russian military campaign. According to Ukraine’s security service, many foreign crypto companies helped Ukraine seize the funds.
The agency is currently tracking the funds and transferring them under Ukrainian jurisdiction as well. It was reported that a Russian resident collected these funds for Russian forces invading Ukraine.
The Ukrainian security service used a specific mechanism to seize and block these funds in the wallet.
Officials in Kyiv said the money was collected through the wallet and was redirected to be spent on military equipment for pro-Russian separatist forces in the east.
Ukraine’s security service has adopted a mechanism that has been used to curb fundraising via crypto for troops fighting on the Russian side.
The conflict had led to a full-scale war when the Russian army crossed the Ukrainian border with a special military operation which supported the pro-Russian breakaway region of Luhansk and Donetsk.
The entity responsible for sending and collecting the funds identified itself as a volunteer who has used the money for the needs of Russian forces since the start of the invasion.
Crypto digital wallet had funds worth $22,000
This decision by the Ukrainian security service came after concrete evidence collected by a government agency with the help of foreign crypto companies. For the time being, the agency is concentrating on tracking and transferring the seized sum of money to Ukrainian jurisdiction.
Representatives of the National Police of Ukraine and the General Prosecutor’s Office also took part in the operation. He has collected the donations through social media campaigns since the start of the Russian invasion of Ukraine.
During the conflict, both sides depended on donations to aid military efforts. In August, Ukraine spent $54 million in crypto donations on war supplies.
In order to carry out the media campaign, the individual had created relevant photo and video content that circulated similar posts from other associates and outlined how the funds raised had been used.
Volunteers chose social media to carry out campaigns
It was reported that the volunteers used social media platforms to seek financial assistance in the latest phase of the conflict. Ukrainian and Russian forces also accepted crypto donations in order to win the war.
Ukraine had donated $54 million worth of war supplies last week. The volume of crypto transactions in Ukraine has been significantly high, even though the country’s central bank has banned crypto transactions. Digital payments were banned in Russia last month by President Vladimir Putin.
Recent Reports from a Blockchain Analytics Company Cananalysis recently reported that 54 groups supporting Russia. It received donations worth $2.2 million in crypto donations at the end of July. These donations were mostly made through Bitcoin and Ethereum.
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