Ukraine, which has waged a staunch defense against Russian invasion, says it has pioneered a new source of financial support: People around the world who have donated millions of dollars directly to its war effort via cryptocurrencies such as bitcoin
Ukraine Has Raised More Than $54 Million as Bitcoin Donations Pour in to Support the War Against Russia
That argument is that cryptocurrencies allow for the unfettered sending and receiving of value across borders via networks that can't easily be censored or shut down because there is no single entity in charge. Proponents also argue that cryptocurrency doesn't require users to trust financial institutions because the system is managed by code that anyone can inspect and transactions are written indelibly into distributed public digital ledgers known as blockchains.
The publicity around Ukraine's call for donations also attracted scammers who tried to capitalize on the good will of donors. Hilary Allen, a professor at American University’s law school who has written a book about the risks cryptocurrencies pose to financial systems, said anyone who donates should carefully look at all the actors involved.
Tuan Phan, a cybersecurity professional who specializes in blockchain forensics, examined the flow of money to and from some of Ukraine’s accounts in part because he wanted to make a donation himself. Born in Vietnam, he said he was eight years old when North Vietnamese Communist forces took Saigon in 1975.
Even if some of the funds donated were gained through illicit activity, he said, “I think comparing the risks and benefits for Ukraine now — Ukraine is using every penny, every chance to support people, to support the army, so this is not a time when Ukraine can choose a lot."
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