Ukraine snags Russia crypto wallet funding invasion

Ukraine has recently located and taken control of a crypto wallet allegedly involved in raising Russian funds to support military efforts in the invasion of Ukraine. According to the Security Services of Ukraine (SSU), they have blocked Russian crypto wallet used for sponsoring the war in Ukraine.

The wallet belongs to a self-proclaimed volunteer for the Russian Federation's invasion of the country. SSU has also detained the person and is undergoing further investigations.

Russian crypto wallet holding over $19,500 seized

Ukraine’s SSU also shared that the account had cryptocurrencies worth up to $19,500. The intelligence agency is currently tracking the previous transfers. Moreover, they have not decided yet on whether they will transfer the assets to Ukrainian jurisdiction.

The SSU gathered intel from several international cryptocurrency firms. And they used a specified ‘mechanism’ to seize the Russian crypto funding.

Revelations from the investigation

The national police and the Prosecutor General carried out the investigation. The investigations revealed that the alleged Russian military volunteer used a significant amount of the funds to buy weaponry. It was to facilitate the separatist militants from Luhansk and Donetsk People’s Republic (L/DNR).

Moreover, it was revealed that the alleged person was running campaigns on social media to raise funds through payments in ccryptocurrencies. Since the start of the Russian invasion, he has constantly been creating digital content and sharing content with others. However, they did not disclose the identity of the person yet.

Crypto and the Russia-Ukraine conflict

Digital assets have been a part of the Russia and Ukraine war since the beginning. These assets have been used to facilitate both countries’ militaries. Previously, cryptocurrency investors started a campaign named ‘Aid for Ukraine’. This drive collected more than $54 million for the Ukrainian cause. Moreover, the country also imposed a crypto ban to stop the flow of money out of the country.

On the other hand, Russia is also using cryptocurrencies to bypass international sanctions. It recently raised over 2.2 million in Russian crypto funds.