Ukraine Russia Resistance Needs Bitcoin Privacy

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Amid rising tensions between Ukrainian and Russian military forces, Elliptic, a blockchain analysis company, released a report claiming that $570,000 worth of cryptocurrency donations have been sent to multiple non-government organizations in Ukraine resisting Russian forces. Among the range of cryptocurrencies being used by these groups, bitcoin specifically accounts for hundreds of thousands of dollars’ worth, with some groups exclusively raising funds in BTC.

The analysis firm made this conclusion by tracing wallet addresses posted on websites of these organizations supporting the Ukrainian army. For instance, the picture below was taken from the website for “Come Back Alive,” one of the largest groups supporting the Ukrainian army, which allows a quick path to donations and an even quicker path to traceability paired with the absence of privacy:

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