Ukraine blocks funds from crypto wallet funding Russian forces - The Metaeconomist

Ukraine blocks funds from crypto wallet funding Russian forces

24 August 2022


The Security Service of Ukraine (SSU) seized and blocked a cryptocurrency wallet used to fund the Russian military campaign in the country. The agency is working on tracking the funds and transferring them under Ukrainian jurisdiction, according to the SSU.

According to a press release on Tuesday, this is the first time the SSU implemented a mechanism to block the crypto wallets of Russian citizens raising funds for the Russian army.

The SSU arrested a self-proclaimed Russian volunteer, blocking his crypto wallet that held over US$19,500 worth of cryptocurrency.

They claim that the arrest was possible due to evidence gathered by the security service and the assistance of unnamed foreign crypto companies.

The SSU further states that the unidentified Russian citizen used a significant portion of the crypto donations to purchase military gear for the separatist fighters of the Luhansk and Donetsk People’s Republic (L/DNR).

He raised crypto donations by running social media campaigns since the start of Russia’s invasion of Ukraine.


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