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Ukraine Security Service detains cryptocurrency user for allegedly raising donation to support Russian army

According to the Security Service of Ukraine, they have detained a person who was attempting to raise donations to help Russian soldiers by using cryptocurrency.
According to a news release issued on August 24, the Security Service of Ukraine (SSU) said that it had confiscated $19,500 from a cryptocurrency wallet that was being used to finance a Russian organisation.

As stated in the announcement, a method has reportedly been established by the agency to detect and ban wallets that are generating cash for the Russian army.

Following the collection of intelligence, a Russian collaborator was apprehended. According to reports, this individual kept $19,500 in a wallet for the invading army. The money was gathered by the volunteer via various social media campaigns in which he or she requested aid from Russian fans.

After further inquiry, it was discovered that the money was used to acquire military equipment for the separatist rebels operating in the areas of Luhansk and Donetsk.
The security service has said that it would continue its investigation into Russian spies who are contributing to the funding of the current conflict with Ukraine.

A recent investigation conducted by Chainalysis found that 54 groups located all across Russia were given funding totaling more than $2.2 million to support their activities.
The use of social media by volunteer organisations to raise money via crowdsourcing for the purchase of military supplies and to promote propaganda about the conflict. The majority of the cash were spent on military hardware, including drones, guns, protective jackets, and other forms of communication technology, by pro-Russian forces.

It has been claimed that a significant number of the organisations that are promoting the fundraising effort are on the OFAC sanctions list. Alexander Zhuchkovsky, who is on the list of those subject to sanctions, utilised his social media account to request financial support for the Russian Imperial Movement and several Donbas armed organisations.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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