Indie When punitive measures crippled a Russian journalistic organization, it raised $250K in cryptocurrency

Meduza, a Russian autonomous news source, has raised $250,000 in the hope to undertake to delivering balanced coverage of the Ukraine conflict.

In order to maintain publishing impartial media in the face of Russian state propaganda and restriction, a Russian alternative media source has received over $250,000 in bitcoin contributions from admirers.

In March, Meduza, a Latvian-based Russian-language news portal that professes to cover “actual Russian media,” has started accepting contributions in the shape of USD, euro, and cryptocurrencies, such as Bitcoins (BTC), Ethereum (ETH), Binance (BNB), Tether (USDT), Monero (XMR), and zcash (ZEC).

The media organization has collected about US$250,000 in bitcoin contributions from 146,000 actual accounts since announcing its fundraising appeal. 3.75 Bitcoin ($116,954) and 49.9 ETH ($117,767) accounted for almost 93 percent of the entire gift value.

Meduza’s financial problems started in April 2021, when the Russian Public Prosecutor designated it and many other impartial news organizations as “intelligence spies,” needing the corporation to include a large text alert in every one of the Ukrainian publications notifying viewers of its “sanctuary city” condition. The very same caution must be included in all commercials, resulting in the loss of practically all the company’s sponsors. All over its contribution FAQ, it stated:

“Because you can expect, few businesses will spend to advertise their products if the information is labelled as “produced by outsiders.”

Being designated a criminal organization didn’t seem to stop Russian users from contributing to the charity, as the firm quickly put up a way for donors to make regulatory payments through their banking, utilizing Stripe’s payment platform.

However, in March, Meduza was targeted by Russian imposing restrictions as well as the effect of international sanctions. Russian officials disabled its site for “spreading information in violations,” and a restriction on the Public network for Russian institutions on February 26 cut off its only source of funding from Russian backers.

SWIFT is a world’s economic communications program that enables banking institutions to receive payments internationally.

Meduza stated on their contribution site that due to budgetary constraints, they were unable to accept payments from their Russian followers.

Starting Feb 25, the media outlet and its writers have already been posting regular reports on Russia’s conflict with Ukraine, including photographs and tales of Ukrainian people affected by the conflict, as well as many other significant points not covered by the Russian mainstream press.

“Literally billions of Russians now depend on our news,” Meduza noted, stressing that its reporters had been ordered to leave the nation.

“Moving funds from Russia to Europe has been difficult since the commencement of this conflict. 30,000 donors were gone. We are currently receiving no funds from Russia.”

The gifts, according to Ivan Kolpakov, Meduza’s editor-in-chief, will allow the firm’s 25 reporters who have defected to live in Riga, Latvia, in which the firm’s offices are based.

The Russian penalties have had unintended consequences for Meduza and its reporters. Russian citizens, people studying overseas, foreign students in Russia, or even whole countries’ innocent civilians have all been badly harmed by Russian-facing restrictions, according to media organizations.



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