Elliptic has said that in the year 2020, these groups had raised only $ 6,000 (about Rs 4,48,900) of cryptocurrency, which is much less than in 2021. Cryptocurrencies can be sent and received anonymously. This allows organizations to raise money. Elliptic says that cryptocurrencies have proven to be a strong and growing option when it comes to receiving donations from other countries.
Elliptic’s job is to track the movement of cryptocurrencies on the blockchain for financial firms and government agencies. According to this, a Kyiv-based group – Come Back Alive – started raising funds in crypto in the year 2018. It secured cryptos worth around $200,000 (Rs 149.7 lakh) in the second half of 2021.
Come Back Alive says it provides medical supplies to the Ukrainian military, including drones, sniper-rifle scopes and mobile surveillance systems. Speaking to Reuters, it said it has raised $166,781 (Rs 124.7 lakh) in cryptocurrency through 14 transactions since August. It has not been used yet and has been kept for future projects. In view of the demand of the people, Come Back Alive has also created a bitcoin wallet.
Elliptic said that another group, the Ukrainian Cyber Alliance, has raised about $100,000 (Rs 74.8 lakh) in crypto in the past year. The group’s Facebook page describes itself as “a community of Ukrainian hacktivists”. The address of the bitcoin digital wallet is also given on the page.
Its spokesman said last year that the group’s purpose was to gather information about Russian security and political figures. This information is given to the Ukrainian army. In a response to Reuters, the Ukrainian Cyber Alliance said it had never conducted a “large crowdfunding campaign” on crypto. It accepts digital tokens from private donors.
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