According to a report by blockchain analysis firm Elliptic, Come Back Alive, a Kiev-based foundation that provides support to the Ukrainian military, has amassed nearly $400,000 in Bitcoin in the first few hours. As of today, a total of 109 BTC (approximately $4.1 million) appears to have been collected in the foundation's wallet.
Founded in 2014, Come Back Alive takes its name from the notes written by its founder, IT specialist Vitaliy Deynega, on the bulletproof vests he sent to soldiers fighting against separatist and Russian forces in eastern Ukraine. Today, the foundation is one of the largest non-governmental organizations in the country, raising donations to provide the Ukrainian military with necessary supplies and equipment, such as drones, thermographic cameras and special software.
The foundation started accepting bitcoin in 2018, but the vast majority of the coins it currently holds have arrived in the past few days. The foundation also accepts donations by bank transfer. Since their Patreon account has been closed, they cannot collect donations there.
According to Elliptic's February 8 report, Ukrainian NGOs and volunteer groups have raised over $500,000 in cryptocurrencies in the past year. The company tracked the funds by identifying the cryptocurrency wallets used by these organizations. For example, the Ukrainian activist community “Cyber Alliance of Ukraine”, which has launched cyberattacks against Russian targets, has raised nearly $100,000 in bitcoin, ether and litecoin wallets.
In another previous report by Elliptic, it was said:
“Some Ukrainian volunteer groups and NGOs accepting crypto donations have very close ties to the Ukrainian government – and this illustrates the trend of nation-states to turn to crypto assets as a means of fundraising.
While Iran uses Bitcoin mining as a way to monetize its energy reserves, North Korea is believed to be stealing cryptocurrencies to support its missile development program."
Ukrainian leaders have been working together for months to transform the country into a new crypto paradise. However, Ukraine's central bank has been working on a central bank digital currency since 2017, and they recently announced a test on the Stellar blockchain.
In addition, Ukrainians are among the most enthusiastic users of cryptocurrencies. Blockchain data firm Chainalysis ranks Ukraine as the fourth largest cryptocurrency adopter in the world. This week, a number of crypto activists and executives have called for support for Ukraine.