The Security Service of Ukraine (SBU) of the Ukrainian government has seized a cryptocurrency wallet affiliated to raising funds for Russian military campaign. According data put forth by Bitcoin.

com, The SBU has announced they blocked a crypto wallet operated by a Russian citizen and used to sponsor Russia’s military effort in Ukraine. The man presented himself as a volunteer and has reportedly been gathering money for the needs of the Russian forces since the start of the invasion. The wallet had accumulated digital coins worth almost USD 22,000 by the time it was blocked, according to the SBU.

Bitcoin. com explains that experts are now working to track the related transactions and transfer custody to Ukraine. The war-supporting crypto flux and how it worked According to 10ztalk.

com, Ukrainian investigators have been able to establish that the wallet’s owner devoted a significant portion of the donated crypto to the purchase of military supplies for the separatist fighters of the self-proclaimed Luhansk and Donetsk People’s Republics. Representatives of the National Police of Ukraine and the Prosecutor General’s Office also took part in the operation. The SBU did not specify how it seized the wallet but revealed that it was assisted by foreign crypto companies.

The used a specific mechanism to seize and block these funds in the wallet. The Security Service of Ukraine has reportedly adopted a mechanism which has been used to curb fundraising through crypto for troops that have been fighting on the Russian side. This move by Ukranian security agency came after concrete evidences collected by government agency with the help of foreign crypto companies.

At the moment, the agency is focused on tracking and transferring the seized amount of money to the Ukraine jurisdiction. A report by the blockchain forensics firm Chainalysis cited by Bitcoin. com unveiled in July 2022 that 54 pro-Russian groups have collectively received over USD 2.

2 million worth of cryptocurrency. These organisations, operating out of Donetsk and Luhansk, got most of the donated amounts in Bitcoin or Ethereum. Crypto is also used to back Ukranian war efforts According to Bitcoin.

com, Ukraine has also relied on crypto donations to fuel the war defensive. Ukraine’s Minister of Digital Transformation Mykhailo Fedorov recently announced on Twitter that USD 54 million worth of crypto funds collected through the Aid For Ukraine initiative have been spent to purchase body armor, medicines, night sights, and even vehicles for the Ukrainian army. The Ukrainian people have received humanitarian aid from the crypto community and industry also.

European crypto exchange Whitebit, which has Ukrainian roots, offered to support Ukrainian refugees through its representative offices abroad and the world’s largest coin trading platform, Binance, issued a special crypto card for Ukrainians forced to leave their homes. Additionally, Crystal Blockchain set up a page directing donations through Bitcoin, Ethereum, Solana, Litecoin and more towards NGOs, governmental institutions, and the Ukranian army. .