In a recent report outlining its expenditures from cryptocurrency donations, the war-torn nation additionally disclosed it had purchased non-lethal equipment.
With some of the $60 million in cryptocurrency given when Russia invaded the European country earlier this year, the Ukrainian government purchased guns, drones, and digital rifle scopes in addition to non-lethal instruments, an official said in a new analysis of expenditures.
Ukraine’s minister for digital transformation, Mykhailo Fedorov, tweeted the breakdown on Wednesday, revealing that the government had used some of the $54 million earned through cryptocurrency to buy dangerous weapons and develop an English news website. There is still $6 million left to spend.
The drone and lethal weapon purchases are acknowledged on Ukraine’s donation website, though the numbers that are shown do not match Fedorov’s calculations.
The Digital Ministry converted the crypto and sent it to the Defense Ministry. Having determined that they require something (lethal weapons). When questioned about an earlier claim that they would only purchase non-lethal weapons through cryptocurrency donations, Bornyakov responded, “We are at war, and we can defend ourselves with all means imaginable.
After Russia invaded Ukraine in February, the nation launched a number of contribution efforts to bolster its weaponry and fortifications in an unprecedented way using cryptocurrency.
The breakdown also supported what government representatives had previously told CoinDesk about utilizing cryptocurrency donations to purchase thermal imaging equipment, drones, and medical supplies for soldiers.
Bornyakov claimed to CoinDesk that “lethal weapons” purchased for more than $5 million were “weapons sought by the Ministry of Defense.”
Bornyakov told CoinDesk that the Ministry has not disclosed what kind of lethal weapons were purchased using cryptocurrency because of the continuing warfare.
It stands in stark contrast to Ukraine’s first explanation of how it used its revenues; initially, officials had claimed that it was solely utilizing the cryptocurrency funds to purchase non-lethal equipment.
The CEO of the Ukrainian business Hacken, Dyma Budorin, called it “delicate” to use cryptocurrency to purchase dangerous weapons. In addition to offering crypto exchanges cyber security, Hacken also boasts a group of “hacktivists” who target Russian institutions.
Since this is a very sensitive matter, it should be made explicit from the start of the fund is utilizing cryptocurrency to purchase dangerous weapons, according to Budorin.
Minister Mykhailo Fedorov also released the breakdown in an early pledge by the Ministry to foster donor confidence and increase openness.
Out of the $60 million that the Crypto Fund of Ukraine has currently raised, $54 million has been spent, and the remaining funds are still being used, according to Bornyakov.
“This is just the beginning; we won’t be listing everything we bought. We are still investing in protective vests and night vision goggles. However, we have begun to increase our spending to counter propaganda. It’s brand-new. Bornyakov recently spoke with CoinDesk and said, “We have also started investing in new Ukrainian media, United24, an English news portal.
UAVs
Ukraine spent $11,887,936 on 213 UAVs. Drones became the most expensive category as a result.
The next four categories include spending around $7 million on 8,460 armored vests, $5.7 million on five pieces of computer hardware and software, $5 million on a global anti-war media campaign, and an additional $5 million on an unspecified number of weapons requested by the Ministry of Defense.
