The United States and Allies have taken unprecedented steps today in proposing to restrict Russian banks from the SWIFT system. This move aims to paralyze Russia’s ability to finance its war efforts by cutting off access to the Dollar-based financial system and rendering its Central Bank assets less useful.
As history unfolds in real-time, these actions will likely have second and third order consequences for the future. In particular, regarding the blockchain and crypto space.
Crypto Twitter has been outpouring support for the Ukrainian people and a fast end to the violence. Furthermore, Ukrainian officials have leverage Twitter to solicit support via crypto donations.
Interestingly, RociFi’s fraud analytics tracked a series of transactions that originated with a flagged fraudulent address via Etherscan.
Through a series of four transactions, the original fraud actor used 4 intermediary addresses, each of which were flagged as a high fraud risk by RociFi, in order to donate 1.96 ETH to Ukraine. Under this context, even scam artists stand behind the Ukrainian people!
Blockchain entities of all sizes have also begun to get in on the action and donate to the Ukrainian cause.
Also, larger DAOs like Aave have already put forth community proposals to donate significant amounts to the Ukrainian people as well, which will need ratified by the community members.
In the end, the one thing that everyone on all sides desires, is a fast end to the violence and loss of human life.