Ukraine blocks crypto wallets used to fund Russia’s invasion


The Ukrainian government has seized and blocked crypto wallets that were affiliated with fundraising for the Russian military campaign. According to the Security Service of Ukraine, many foreign crypto companies helped Ukraine seize the funds. For now, the agency is tracking the funds and also transferring them under Ukraine’s jurisdiction. A Russian resident was reported to have been collecting these funds from the forced Russians who were invading Ukraine. The Security Service of Ukraine has used a specific mechanism to seize and block these funds in the wallet.

Officials in Kyiv have claimed the money has been collected through the wallet and redirected to spend on military equipment for pro-Russian separatist forces in the east. The Security Service of Ukraine had adopted a mechanism that has been used to curb fundraising through crypto for troops that have been fighting on the Russian side. The conflict had sparked a full-scale war when the Russian army crossed the Ukrainian border with a special military operation supporting the pro-Russian separatist region of Luhansk and Donetsk. The entity responsible for sending and collecting the funds has been identified as a volunteer who used the money for the needs of Russian forces since the invasion began.

The crypto digital wallet had $22,000 worth of funds. This move by the Security Service of Ukraine came after concrete evidence was collected by the government agency with the help of foreign crypto companies. For now, the agency is focused on tracking and transferring the seized amount of money to the jurisdiction of Ukraine. Representatives of the National Police of Ukraine and the Prosecutor General’s Office have also been part of the operation.

He raised the donations with the help of social media campaigns since the beginning of the Russian invasion of Ukraine. During the conflict, both sides have been dependent on donations to aid military efforts. In the month of August, Ukraine spent $54 million in crypto donations on war supplies. To carry out the media campaign, the individual had created relevant photo and video content that circulated similar posts from other associates and reported how the funds raised were used. Volunteers chose social media to carry out campaigns Volunteers have been reported to have used social media platforms to get financial help in the last phase of the conflict. Ukraine and Russian forces have also accepted crypto donations to win the war.

Ukraine had donated $54 million in war supplies last week. Crypto trading volume in Ukraine has been considerably strong despite the country’s central bank banning crypto transactions. Digital payments were banned in Russia last month by President Vladimir Putin. Recent reports from an analysis company Blockchain Chanalysis recently reported that 54 groups support Russia. It received $2.2 million worth of crypto donations at the end of July. These donations were mainly made through Bitcoin and Ethereum.