The crypto wallet of the Kyiv-based Come Back Alive Foundation received around 130 bitcoin worth about $5.1 million as of Friday evening from more than 2,200 donors to the Ukrainian military, according to blockchain analytics firm Elliptic.
Km Back Alive was founded in 2014 and is named after a phrase that its founder, computer expert Vitaly Denega, wore the flak jackets sent to soldiers fighting Russian and separatist forces in eastern Ukraine.
It raised funds to provide supplies and equipment such as drones and thermal imaging cameras.
The institute began to accept bitcoin in 2018, but observers say most of the cryptocurrency it holds now has arrived in the last few days.
“Cryptocurrencies are increasingly being used to finance war with the tacit approval of many governments,” said Tom Robinson, chief scientist at Elliptic, which sells blockchain analytics tools to banks and cryptocurrency platforms.
On the other hand, Patreon, a private company in which creators can post content for donations, removed the group’s donation page on Thursday after the invasion, returning hundreds of thousands of dollars to donors.
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