Ukraine’s tech sector plunges amid occupation

Ukraine’s booming outsourcing tech sector is under threat following the Russian invasion on Thursday (February 24th), The Wall Street Journal reported.

As troops swarmed the Eastern European country, internet attacks were rampant, according to the Georgia Institute of Technology, which monitors internet access.

Kerry HallardCEO of the Global Sourcing Associationa London-based business group, revealed that 80% of the computers in a member’s business in Kharkiv had no internet access.

The dispute will have massive repercussions because Ukraine is a huge IT delivery nation, Hallard said. The country’s tech workers support banking, insurance and other financial services, she added.

The Ukrainian IT industry has skyrockets up 36% to $6.8 billion in export sales last year, from $5 billion in 2020, according to the Kyiv-based IT Ukraine Association, which bills itself as the largest national IT association. IT companies.

In addition, the association said the number of IT specialists reached 285,000 last year, up from 244,000. The industry more than doubled its exports and increased the number of specialists by more than 50% over the of the last three years.

Katie Goveanalyst at Gartner Inc., the Connecticut-based technology research and advisory firm, told the WSJ that Ukraine is teeming with IT talent due to a strong academic tradition that emphasizes engineering skills software and application development.

The IT sector is not the only sector affected by Russia’s occupation of Ukraine. The incursion triggered over $242 million in liquidations in the crypto market.

Read more: Conflict in Ukraine Leads to $242M in Crypto Liquidation

Most of those liquidations — $72 million — were in futures trailed by Bitcoin, followed by ether futures at $70 million. The liquidations were part of more than $411 million in liquidations seen in the past 24 hours.

Around 114,700 traders were liquidated, with the largest liquidation order occurring on OKX, a LINK transaction valued at over $3 million.

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