Ukraine Blocks Crypto Wallets Used to Fund Russia Invasion

Ukraine’s government has seized and blocked the crypto-wallets linked to raising funds for Russian military campaign. According to the Security Service of Ukraine, many foreign crypto companies helped Ukraine seize the funds.

The agency is currently tracking the funds and also transferring them under Ukrainian jurisdiction. It has been reported that a Russian citizen had collected these funds back to Russian enforcement forces 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 that the money has been collected through the wallet and was diverted to spend on military equipment for the 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 who have fought on the Russian side.

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

The entity responsible for sending and collecting the funds has identified itself as a volunteer that 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 the Security Service of Ukraine came after concrete evidence collected by state agencies with the help of foreign crypto companies. Currently, the agency is focused on tracking and transferring the seized amount to the jurisdiction of Ukraine.

The representatives of the National Police of Ukraine and the Prosecutor’s Office have also been part of the operation. He collected the donations using social media campaigns since the beginning of Russia’s invasion of Ukraine.

During the conflict, both sides have relied on donations to aid the military effort. In the month of August, Ukraine spent $54 million in crypto donations on war supplies.

To carry out the media campaign, the person had created relevant photo and video content that circulated similar posts from other employees and reported how the funds raised had been spent.

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 last phase of the conflict. Ukraine and Russian forces have also accepted crypto donations to win the war.

Ukraine had donated $54 million in donations of war supplies last week. Crypto trading volume in Ukraine has been significantly 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 support Russia. It received $2.2 million worth of crypto donations by the end of July. These donations were mainly made through Bitcoin and Ethereum.