As the value of Bitcoin soared this year, bringing cryptocurrencies back into the global spotlight, Russia’s opposition leader Alexei Navalny saw his team’s crypto wallet fatten.
Public blockchain data shows that a Bitcoin address tied to Navalny received 3.5 Bitcoin ($120,000) at the end of January as supporters rushed to donate to the Kremlin critic following his return to Russia and subsequent jailing. The data shows Navalny’s team received more donations in Bitcoin in January than all of 2020.
In total, publicly available information shows that over the last five years, 658 Bitcoin — worth over $30 million at current rates — have been sent to the cryptocurrency wallet managed by Navalny’s aides. At the time of writing the wallet, which is run by key ally Leonid Volkov, held 1.5 Bitcoin.
Speaking with The Moscow Times, Volkov said that the team sees the decentralized nature of cryptocurrencies as a useful tool for circumventing the Russian authorities, who have increased their crackdown on Navalny and his supporters, including their funds.
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