Ukrainian volunteer group raises $4 million in bitcoin

Blockchain analysis firm Elliptic reports that a Ukrainian volunteer group that provides equipment to the country’s army has received over $4 million in bitcoin donations since Russia launched its invasion on Thursday.

Elliptic said earlier this month that donations to Ukrainian volunteer and hacking groups had soared as Russian troops massed near the border.

Since the invasion, however, it has tracked transfers of much larger sums to these groups.

One Ukrainian volunteer group, Come Back Alive, received $3 million in a single bitcoin donation alone on Friday, Elliptic said, though the identity of those behind the donations was unclear as bitcoin and other tokens can be sent and received anonymously.

The group told Reuters earlier this month that it had raised cryptocurrency worth $167,000 in over a dozen transactions between August and early February.

At the time, Come Back Alive said the funds remained unused and that it was saving cryptocurrency-denominated donations for “future projects.”

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