Cryptocurrency donations flowing into the Ukrainian military are soaring after Moscow launched a massive offensive early Thursday against several Ukrainian cities, including the capital Kiev.

In a 12-hour period, nearly $400,000 in bitcoin was donated to a Ukrainian non-governmental organization called Come Back Alive that provides support to the armed forces, according to new data from blockchain analytics firm Elliptic.

Activists have already started using the cryptocurrencies, including to equip the Ukrainian army with military equipment, medical supplies and drones, and to fund the development of a facial recognition app to identify whether someone is a Russian mercenary or spy.

Tom Robinson, chief scientist at Elliptic, said: “Cryptocurrencies are increasingly being used to raise money for war, with the tacit approval of governments.”

Volunteer groups have long strengthened the Ukrainian military by providing additional resources and manpower. Typically, these organizations receive funds from private donors through bank wires or payment apps, but cryptocurrencies such as bitcoin have become more popular because they can bypass financial institutions that could block payments to Ukraine.

Volunteer groups and NGOs have collectively raised more than $1 million in cryptocurrency, according to Elliptic, a number that appears to be rising rapidly amid Russia’s new offensive.

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Post time: Feb-25-2022