'Powerful' Resistance Money Gets Traction as Bitcoin & Crypto Donations Soar in Ukraine Amid Conflict With Russia

cryptonews.com:

Hacker groups and traditional resistance movements in Ukraine are increasingly using cryptoassets as a way to fund their activities and bypass traditional financial services providers.  

Donations to groups involved in the conflict with Russia have totaled several hundred thousand dollars, with donations increasing by more than 900% in 2021, blockchain analytics firm Elliptic said in their latest report.

Among the groups that have made use of bitcoin (BTC) and crypto in their fundraising efforts is the Ukrainian Cyber Alliance, a collective of hackers engaged in attacks against Russian targets, which now exclusively rely on cryptoasset donations. Close to USD 100,000 has been received by the group over the past year, spread across BTC, litecoin (LTC), ethereum (ETH), and various stablecoins, according to Elliptic data.

Meanwhile, Myrotvorets Center, another Ukrainian group said to be closely linked to the government, has reportedly received donations in BTC worth at least USD 268,000 from over 40 countries. The organization turned to bitcoin in 2016 after its PayPal account was suspended and the funds held in it seized by the US payments company, per the researchers.

According to Elliptic, Myrotvorets publishes personal information about “pro-Russian terrorists, separatists, mercenaries, war criminals, and murderers.” In 2015, information published on its website led to the assassination of a Ukrainian writer and a legislator, Elliptic said.

They further noted that the development of Ukrainian groups turning to crypto is notable because it emulates a technique previously used by some Russian groups.

For example, several online fundraising campaigns have accepted donations in the form of cryptocurrency for pro-Russian