First aid kits, boots and batteries – how small but significant cryptocurrency funds are used in global conflicts
- The Russia-Ukraine war has seen combatants solicit cryptocurrencies on the largest scale for any global conflict to date, Chainalysis says
- Volunteers use social media to crowdfund the purchase of specific items needed and request funds in the form of cryptocurrencies
With Ukraine getting the West’s financial backing after the Russia invasion and Moscow using sales of oil and natural gas to fund its military, the conflict in Ukraine is now well into its second year and shows no sign of slowing as Kyiv launched a counteroffensive this month.
But while supplies of items like heavy artillery, fighter jets, and advanced tanks grab headlines, frontline soldiers on both sides often find themselves lacking the small, but often life-saving essentials like body armour as well as sufficient food and medical supplies.
Volunteer groups use social media to crowdfund the purchase of specific items needed and request funds in the form of cryptocurrencies that can be sent quickly and in small amounts from donors anywhere in the world over decentralised blockchains.
And while the numbers involved are small compared to, say, the US$10 million price tag on a US-supplied M1 Abrams tank, the direct and targeted transfer of funds to soldiers on either side of the battle lines allows them to buy the specific items that could save lives.