The Security Service of Ukraine (SSU) confiscated and blocked a cryptocurrency wallet used to finance Russian soldiers in the country.
According to a recent press release, SSU has for the first time implemented a mechanism to block the crypto wallets of Russian citizens raising funds for the Russian military. SSU arrested a Russian confessor and blocked his crypto wallet holding $19,500 worth of cryptocurrencies.
Ukraine Implemented Blocking Mechanism for the First Time
They claim that the arrest was possible due to the evidence gathered by the security service and the assistance of anonymous foreign crypto companies. The SSU also notes that the unidentified Russian citizen used a significant portion of their crypto donations to purchase military equipment for the separatist fighters of the Luhansk and Donetsk People’s Republic. A similar fate awaits other Russian ‘volunteers’ who sponsored the war in Ukraine, the SSU warned. Both sides of the conflict rely on crypto donations to aid their military efforts. On August 17, Ukraine spent $54 million worth of crypto donations for war supplies.
On the other side of the war, 54 pro-Russian groups had received over $2.2 million in crypto donations, mostly Bitcoin and Ethereum, by the end of July, according to a Chainalysis report. Russia has also been sending record levels of funds to crypto mixers since April 2022.
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