Ukraine handed $15m crypto war chest as Russia prepares fresh Kyiv assault

Ukraine has raised a $15 million war chest in cryptocurrency donations.

The huge sum includes an anonymous gift of three million US dollars in Bitcoin, with the average donation throughout the conflict amounting to around $95.

Several non-governmental organisations have been raising crypto funds for years during ongoing border tensions, but nothing on the scale of transactions during the current crisis. One such group – Come Back Alive – has received several millions over the last few days, despite being suspended by content creation platform Patreon for allegedly breaching its terms.

Come Back Alive has been supplying body armour and rations to Ukrainian armed forces for eight years.

Analysts at London-based researchers and compliance providers Elliptic reported that “volunteer groups have played a critical role in the Russo-Ukraine conflict over the past decade, and they are often very closely linked to the Ukrainian government”.

“These groups are funded by private donors, who have used bank wires and payment apps to donate millions of dollars,” research said.

“Cryptoassets such as Bitcoin have also emerged as an important alternative funding method. They allow quick, cross-border donations, which bypass financial institutions that might be blocking payments to these groups.

“The recent donations received by Come Back Alive are likely to have been boosted by numerous posts on social media, advertising the group’s donation addresses.”