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Russian-speaking journalists forced off Stripe by sanctions are turning to crypto
Despite Moscow's ban on independent reporting, Meduza continues to document Russia's incursion into Ukraine The Riga-based business has been cut off from the Stripe payment rail due to strict Western sanctions imposed earlier this year The independent Russian-language website Meduza has raised more than $260,000 in crypto after Western sanctions limited its ability to donate to others way of collecting, had paralyzed. Meduza, which operates out of Latvia, turned to crypto after fintech giant Stripe stopped supporting payments to the site. The news agency was founded after Russia's annexation of Crimea in 2014. Independent reporting...
Russian-speaking journalists forced off Stripe by sanctions are turning to crypto
- Trotz Moskaus Verbot unabhängiger Berichterstattung dokumentiert Meduza weiterhin den Einmarsch Russlands in die Ukraine
- Das in Riga ansässige Geschäft wurde aufgrund strenger westlicher Sanktionen, die Anfang dieses Jahres verhängt wurden, von der Zahlungsschiene Stripe abgeschnitten
Independent Russian-language website Meduza has raised more than $260,000 in crypto after Western sanctions crippled its ability to raise funds through other means.
Meduza, which operates out of Latvia, turned to crypto after fintech giant Stripe stopped supporting payments to the site.
The News agency was founded after Russia's annexation of Crimea in 2014. Independent reporting on the war in Ukraine is now essentially illegal, but Meduza still publicly investigates and documents alleged Russian war crimes from its newsroom in Riga.
Russia's internet censorship is now blocking several news outlets - including Meduza - and forcing Russian-based readers to access the site through virtual private networks and Telegram channels.
Last year, Meduza was labeled a “foreign agent,” which ultimately cut off local advertising revenue. Crypto has now reportedly allowed Meduza to rely entirely on funds sent by foreigners for the first time.
Before the war, Meduza collected donations from around 30,000 Russian readers, according to Bloomberg. The outlet's traffic has since been reduced by a third.
Meduza recently asked international audiences to donate cash (dollars, euros and crypto). It accepts Bitcoin, Ether (and Ethereum-based tokens), Monero, BNB (and other BNB Chain tokens), Zcash and Tether (USDT). Fiat contributions can still be sent via bank transfer or PayPal.
Meduza's crypto donors have so far sent 3.75 BTC ($117,400), nearly 50 ETH ($118,400), and more than $30,000 in various ERC-20 and BNB chain tokens, including stablecoins Tether and USDC. According to blockchain data reviewed by Blockworks, none of the traceable cryptos have been withdrawn so far.
Large individual contributions include 12 ETH ($28,500) received last Monday and 1 BTC ($31,500) settled the day after.
The outlet says it will use that money to quickly relocate its 25 journalists, mostly to the Latvian capital. Meduza editor-in-chief Ivan Kolpakov told reporters that Meduza is currently raising only half of what is needed.
Deutsche Welle and the US-financed Radio Free Europe also set up shop in Riga after the Russian invasion of Ukraine. Independent Russian newspaper Novaya Gazeta also plans to launch a new operation there, Bloomberg noted.
In any case, Meduza joins a growing list of journalistic organizations that accept contributions about crypto, including the Freedom of the Press Foundation, WikiLeaks, Bellingcat and the Committee to Protect Journalists.
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The post “Russian-speaking journalists forced by Stripe sanctions turn to crypto” is not financial advice.