Pro-Russia Groups Soliciting Crypto Donations: Report

• A report by Chainalysis takes a closer look at the role of crypto in Russia’s war on Ukraine.
• Crypto crowdfunding has facilitated Russian military purchases worth millions of dollars.
• The majority of the crypto received by pro-Russia groups was stored in centralized crypto exchanges.

A recent report by blockchain intelligence firm Chainalysis took a closer look at the role of cryptocurrencies in the war between Russia and Ukraine. One year into the Russian invasion of Ukraine, it has become clear that crypto’s cross-border payment utility is being leveraged to circumvent sanctions imposed by the United States and the European Union.

According to Chainalysis’ report, pro-Russian groups and war sympathizers have been soliciting donations for more than a year now. These donations are often in the form of cryptocurrencies. The report found that within five months of the invasion, as many as 54 volunteer groups had received nearly $2.2 million in crypto donations to fund Russian military purchases.

The report mentions that figure has since climbed to $5.4 million, sent to more than 100 pro-Russian organizations that are using the funds to create pro-invas…

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