Ukraine Security Service(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 help of anonymous foreign crypto companies. SSUalso, a significant portion of the crypto donations of the unknown Russian citizen Luhanskand Donetsk People’s Republic He also states that he used it to buy military equipment for his separatist fighters. 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.
A chainalysis 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 the report. Russia has also been sending record levels of funds to crypto mixers since April 2022.
