People around the world have donated millions of dollars directly to Ukraine's war effort via cryptocurrencies such as bitcoin.
FILE - Members of Congress give Ukraine President Volodymyr Zelensky a standing ovation before he speaks in a virtual address to Congress in the U.S. Capitol Visitors Center Congressional Auditorium in Washington, on Wednesday, March 16, 2022. 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.
The funds raised in cryptocurrency are a just small part of the overall donations that Ukraine has received. After raising as much as $12 million on March 2, cryptocurrency donations have tapered off although boosters say the unexpected initial surge may inspire other efforts to solicit cryptocurrencies for humanitarian or defensive purposes. Officials have said that the speed with which they can use cryptocurrency donations has made them useful.
Chobanian said he was not receiving payment for his work but acknowledged that some of the funds are being converted through his cryptocurrency exchange Kuna. For example, services like cryptocurrency exchanges do act as gatekeepers in part because many are required to collect identifying information about the people who use their services. Two large cryptocurrency exchanges, Binance and CoinBase, took action to limit use of some of their services in Russia earlier this month, although they have not withdrawn entirely.
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.
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