Nazi organization got their bank accounts shut down – this is how much bitcoin they’ve raised since

Nazi organization got their bank accounts shut down – this is how much bitcoin they’ve raised since.

The Nordic Resistance Movement's fundraising through bitcoin and other cryptocurrencies is experiencing head-wind. Image source: IRM/Trijo News

Totte Löfström

totte.lofstrom@trijo.co

Jan Granroth

jan.granroth@trijo.co

The Nordic Resistance Movement's fundraising through bitcoin and other cryptocurrencies is experiencing head-wind.

In the fall of 2017, the left-oriented Swedish newspaper Dagens ETC revealed that the nazi organization Nordic Resistance Movement in Sweden had gotten their bank accounts shut down. In order to be able to keep accepting donations, the organization decided to open a number of wallets for cryptocurrencies instead. It’s reasonable to believe that the reason for this is that anybody is able to create a wallet and receive funds without the need for an external company.

In connection to this, the website of the organization begun to monitor the world of cryptocurrencies.

Nordic resistance movement donations experience head-wind.

A few of the articles about cryptocurrencies found in Nordfront, the online magazine of the Nordic Resistance Movement. Image source: Facsimile

Currently, the movement accepts donations in a variety of cryptocurrencies, such as bitcoin, ethereum, litecoin, monero, stellar, dash, bitcoin cash, cardano, neo and nem. The majority of the wallets belonging to the movement are, however, still empty. From the creation of the wallets, at the end of January and up until today, the movement has received donations only in bitcoin and stellar.

Only 29,000 Swedish crowns ($3,300) received in donations

So, how is the collecting progressing? Trijo News has monitored the activity of the organization’s digital wallets addresses and can conclude that they are experiencing head-wind.

In total, the organization has received 0.3980 bitcoin to their donation wallet. This stems from 19 donations and by the time the transactions took place, the value amounted to 29,703 crowns ($3,380). Aside from this, they have also received 499.99 units of the cryptocurrency stellar, which corresponds to a value of about 1,200 crowns ($136.50).

The prices of bitcoin and other cryptocurrencies tend to fluctuate a lot, so the value of the funds received by the organization has deteriorated in the recent months. Of the original 29,703 crowns ($3,380) received, today only 27,283 crowns ($3,104) remains. This constitutes a decrease in value of 2,420 crowns ($275).

25 000 crowns from a single donation

The supporters of the Nordic Resistance Movement are actually not as generous as it might seem at first. The absolute majority of the funds received came from a single individual, who April 13, this year, sent 25,448 crowns ($2,895.50) to the nazi organization. The funds can be traced back to a user of the Asian crypto exchange Binance. Tracking is possible due to the fact that most cryptocurrencies keep an open transaction history.

The Nordic Resistance Movement has not yet withdrawn any funds from their digital donation wallet, which could be linked to the troubles resulting from the lack of bank accounts. Up until now, very few businesses have started to accept cryptocurrency payments, which could cause trouble for the organization when they decide to use the collected funds for their activities.

Campaign budget is scarce

It has earlier been reported that the Nordic Resistance Movement will participate in the upcoming Swedish election this fall, but at this moment it seems to be a rather limited campaign. Obviously, the organization has other funding channels for accepting donations as well. On their website, they urge people to send cash up to 1,000 crowns in envelopes to the organization’s post box. Judging from the crypto donations, the organization will be on a tight budget, for sure. The almost 30,000 crowns they have managed to collect since the end of January is dwarfed by the campaign budgets of other parties.

After having assured himself that Trijo News is not owned by the Swedish Bonnier family, the spokesperson of the organization, Pär Öberg, confirms that the donation funds have suffered from the closure of bank accounts.

“I don’t have access to specific figures, but we have indeed received some donations. But the cryptocurrencies haven’t been able to fully replace bank accounts and Swish (an instant mobile payment system in Sweden), which are very convenient”, says Pär Öberg.

According to Öberg they are now planning to hire lawyers to sue the banks.

These are the campaign budgets of the various Swedish parties (in SEK):

Left Party: 18.7 millions ($2,127,732)
Social Democrats: “At least 100 millions” ($11,378,247)
Green Party: 18 millions ($2,048,084)
Centre Party: 70 millions ($7,964,772)
Liberals: 15 millions ($1,706,737)
Christian Democrats: 23 millions ($2,616,996)
Moderate Party: 50 millions ($5,689,123)
Sweden Democrats: 51.5 millions ($5,859,797)

Source: Di.se

Follow Trijo News on FacebookTwitter, and Telegram.

Keep up with the latest news

Read more