Indie Russian news firm raises $250K in crypto after sanctions cripple finances

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– A Russian independent news company, Meduza, has raised more than US$250,000 in cryptocurrency donations from supporters in order to continue reporting independent news under a barrage of Russian government propaganda and censorship.

– Meduza is a Latvian-based Russian-language news site that claims to report on the real Russia, today.

– The news company has been asking for donations since April 2021 in the form of USD, euros and cryptocurrency, including Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Tether (USDT), Monero (XMR) and zcash (ZEC).

– Since publishing their donations plea, the news company has received around US$250,000 in crypto donations through 146,000 individual transactions.

– Meduza’s money troubles actually began in April 2021, after it and several other independent media outlets got labelled by Russias Justice Ministry as foreign agents, requiring the company to place a large font warning in each of its Russian-language articles informing readers of its foreign agent status.

– Being labelled as a foreign agent did not prevent readers in Russia from donating to the organization however, as the company promptly set up an avenue for contributors to provide regulator donations through their banks using payment processor Stripe and through crypto.

– In March, Meduza found itself pincered by both Russian government censorship and the impact of Western sanctions. Its website was blocked by Russian authorities for disseminating information in violation of the law, and a major avenue for receiving donations from Russian supporters blocked by a ban on the SWIFT network for Russian banks on February 26.

– Meduza wrote on its donation website that the financial restrictions had made it impossible for them to field donations from their supporters in Russia.

– Since February 25, the news organization and its journalists have been publishing daily updates on Russias war against Ukraine, sharing images and stories about Ukrainian civilians impacted by the war and other major events not reported by local Russian media.

– Ivan Kolpakov, editor-in-chief of Meduza told Bloomberg the donations will help their 25 journalists, who have since fled the country to resettle in Riga, Latvia, where the companys headquarters is located.

Indie Russian news firm raises $250K in crypto after sanctions cripple finances
Indie Russian news firm raises $250K in crypto after sanctions cripple finances 2

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