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Ukraine Seizes Crypto from Russian Donation Account

admin by admin
August 24, 2022
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Ukraine Seizes Crypto from Russian Donation Account
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Ukraine is seizing cryptocurrencies from a Russian donation account. Previously, thanks to crypto companies, it was possible to identify a person as a patron of the Lugansk and Donetsk People’s Republics.

Ukraine arrests Russian fundraiser

As the Ukrainian domestic intelligence service SSU published yesterday, it was possible to identify a Russian citizen as a fundraiser. The SSU accuses the person of providing funds to the Russian army.

He collected these by calling for donations on the Internet.

Since the beginning of the invasion, he used social networks to promote the idea of financial support for illegal armed groups.

Announces the SSU. Continue to continue:

To this end, he created relevant photo and video content, disseminated similar posts of his comrades-in-arms and reported on the use of the collected funds.

Significant shares of the collected donations were forwarded by the person to the Lugansk People’s Republic and the Donetsk People’s Republic. The two republics announced their independence from the Ukrainian state. A large part of the residents identify themselves as Russians.

Transparent Blockchain Will doom Recipients

Although the SSU does not disclose any details about the case, it is obvious that the suspect could either be identified by using a transparent blockchain, or exposed his activity by using a crypto exchange.

The arrest was possible thanks to the evidence collected by the SSU and the support of foreign crypto companies.

So it says in the presentation. Since the beginning of the war in February, Ukraine has collected a three-digit million amount through a worldwide donation campaign conducted via the Internet.

Independent Russian people pushed similar efforts, but according to Chainalysis, they were only able to collect about two million US dollars. These were received mainly in Bitcoin and Ethereum.

⚠️

Other cryptos are also mentioned in the report – such as Tether, Litecoin and Dogecoin. All these crypto currencies are based on a transparent blockchain and can therefore easily lead to the doxing of users.

Already when Ukraine called for crypto donations in the spring, users drew attention to this problem. Ukraine responded and expanded the acceptance with Privacy Coin Monero.

By using it, they wanted to make donations possible, especially for people who would otherwise expose themselves to the risk of becoming a target of law enforcement.

SSU Seizes $19,500 in Crypto

One indication that the suspect was acting clumsily in his action is the report of the SSU. There they talk about having blocked the account of the fundraiser. Since the blockade, a further $ 19,500 has been received in donations, all of which have been confiscated.

The articulation suggests that these funds were received on the account of a centralized crypto exchange. Thus, the acquisition of control from a distance would be possible.

The suspect is accused of terrorist financing. The Ukrainian state classifies the armies of the People’s Republics as terrorist organizations. The broadcasters of the funds are also threatened with prosecution.

In our exchange comparison you will find the best 15 providers to buy cryptocurrencies such as Bitcoin easily and safely.

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