Indie Russian news firm raises $250K in crypto after sanctions cripple finances

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Indie Russian news firm raises $250K in crypto after sanctions cripple finances
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Independent journalists are fighting back against Russia’s war propaganda machine — and crypto is helping them to do it.

Meduza’s money troubles actually began in April 2021, after it and several other independent media outlets got labelled by Russia’s Justice Ministry as “foreign agents,” requiring the company to place a large font warning in each of its Russian-language articles informing readers of its “foreign agent” status. The same warning also has to appear in all advertisements, leading to a loss of nearly all its advertisers.

Being labelled as a foreign agent did not prevent readers in Russia from donating to the organization however, as the company promptly set up an avenue for contributors to provide regulator donations through their banks using payment processor Stripe. Since February 25, the news organization and its journalists have been publishing daily updates on Russia’s war against Ukraine, sharing images and stories about Ukrainian civilians impacted by the war and other major events not reported by local Russian media.

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