To support the defense against a hypothetical Russian invasion, Ukrainian activists and volunteer groups are crowdsourcing considerable funds through cryptocurrency donations.
According to data from blockchain analysis firm Elliptic, Ukrainian non-governmental organizations (NGOs) and volunteer groups have received over $570,000 in cryptocurrency, with the majority of donations coming in last year.
In the second half of 2021, Come Back Alive, one of the major organizations supporting the Ukrainian army, received about $200,000 in cryptocurrency.
Last year, the Ukrainian Computer Alliance, a hacktivist group that targets Russian targets with cyber attacks, earned about $100,000 in Bitcoin, Litecoin, Ether, and stablecoins.
Over the last six months, Cyber Partisans, a hacktivist group based in Belarus that has been fighting Russia's aggression towards Ukraine, has received US$84,000 in Bitcoin donations.
Recent headlines have focused on simmering tensions between Ukraine and Russia, with Russia sending over 100,000 troops to Ukraine's borders.
Cryptocurrencies can often bypass government-controlled financial institutions, making them more appealing in some instances – Myanmar's shadow government is using Tether to oppose military authority, and Iran is using cryptocurrency to escape sanctions and sell oil.