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The Security Service of Ukraine (SSU) blocked a digital asset wallet that funds the Russian Military force. However the SSU also clarifies that the owner of the crypto wallet was arrested. As per the statement by SSU, “This man [the crypto wallet owner] calls himself a volunteer and since the beginning of Russia’s full-scale invasion [of Ukraine] has been collecting money for the invading army.”
From the investigation of SSU, it is out that the “Volunteer” sent some significant amount of assets to “purchase military gear for the militants of the terrorist organizations L/DNR.” Also, they used social media platforms to incentify the financing of major “illegal armed groups” using the visual content. They share these visuals with other participants on their network and keep the record of every money spent for their followers.
According to SSU, the fund has $19,500 worth of cryptocurrencies. It is now looking for the “decision on their tracking and transfer to Ukrainian jurisdiction.” SSU also warned of a “similar fate” for those who are involved in the activity of sponsoring the Ukraine-Russia war.
Cryptocurrency played a significant role in the Ukraine-Russian war. While the government of Ukraine is potentially viable from crypto initiatives which were launched to support military efforts of Ukraine.
Mykhailo Fedorov, who is the Vice Prime Minister and the Minister of Digital Transformation, shared a report on crypto funds on his Twitter account, on August 17.
With $54 M raised by @_AidForUkraine, we've supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f
The Russians are already affected by the sanctions from the west. They have some hope in digital assets to use as payment and investment options. Furthermore, the Russian government buck-ups the launching of its digital ruble and expects to use it “as real money” by the year 2023.
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