No Surprise That Cryptocurrency Is Being Funneled to Ukraine!

18 March 2022 Internet, IT & e-Discovery Blog Blog reported that “More than 120,000 cryptoasset donations totaling about $63.8 million have been funneled to Ukraine since the start of the Russian invasion, according to according to Elliptic, a blockchain analysis company.” The March 16, 2022 report entitled “How cryptocurrency is being used to funnel money to Ukraine” included these comments from Alex Gladstein (chief strategy officer at The Human Rights Foundation):

There are close to two million Ukrainians that have fled into Europe and other countries and they had to do so quite rapidly,…

Think about a middle-class family. You probably have some stocks and own a house or part of a house. You can’t bring any of that with you. Ukraine is the fourth most crypto-friendly country in the world in terms of per-capita ownership, so those who fled probably were able to take advantage of an asset that could just go with them.

Ukraine also is a huge technology center and a country where local currency has history of devaluation and collapsing,…

The other reason is the government wants to use crypto to raise money for war against Russia. Traditionally, that has been done through bond schemes or government-to-government transfers

No one should be surprised by this report!

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