While crypto has helped both sides in today’s conflict, the Ukrainian defense has arguably benefited more from digital money’s new role in war than Russia, at least for now.
offering substantial rewards for any tips. The effort reflects not only the impressive capabilities of Ukraine’s still-growing “IT army,” but also the vulnerabilities that Russia still faces in its efforts to use this technology as a functional escape hatch from global punishment for its illegitimate actions.However, Ukraine’s cryptocurrency defense strategy doesn’t stop with a call to hackers’ arms.
This development may be one of the most significant points of uncertainty around crypto’s use case in war, as it highlights the extremely young—and underregulated—nature of the digital currency market, and the enormous power that these circumstances place on a small set of large business owners.Finally, digital money has also provided a new avenue for people outside of the armed conflict to support Ukraine.
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