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The Chainalysis blog reveals crypto donations given to the pro-Russian paramilitary and volunteer groups in Ukraine amount to $2.2 million in the current war. But the amount is still way less (just 4%) than the donations to Ukraine for its war funding in crypto funds, notes Chainalysis.
1/ Since the start of the war in Ukraine, 54 pro-Russian groups have collectively received over $2.2M worth of #crypto, primarily from BTC and ETH donations.
In this thread, we break down who’s receiving these funds and how the donations are being spent. pic.twitter.com/gRpg1z6Smh
“While significant, the $2.2M worth of crypto donated to pro-Russian orgs still pales in comparison to the tens of millions in crypto donated to Ukraine,” states Chainalysis.
The officials in the US are startled at Russian group’s crypto leverage-led sanctions’ evasion. The crypto-analytics firm unveils insights into the pro-Russia militia and volunteer groups crowdfunding fuelled via social media.
Per reports, the details of military logistics transaction-facilitating donations that came to social media accounts of pro-Russians are as follows:
Chainalysis also reveals $1 million of the total approximate $2.2 million in pro-Russia group donations went to an anonymous account.
Chainalysis’ analysis of militias’ social media accounts details the fund’s utility in loading paramilitary groups with warfare equipment. It also states the donated funds are also fuelling propaganda.
Also Read: Crypto has become an ‘Essential Tool of Ukraine’s Defence’
Not just paramilitary groups, even sanctioned entities support crypto donations to pro-Russian groups, per Chainalysis. Most notable is the sanctioned Alexander Zhuchkovsky’s willingness to donate to the Russian Imperial Movement (RIM).
Zhuchkovsky’s Project Terricon support soliciting crypto donations to militia groups in Donbas is worth noting.
Terricon reveals the reason it’s accepting crypto as donations is to dodge sanctions. An analysis of its on-chain data analytics reveals receipt of 11% mixers’ funds and sending 29% funds via a crypto exchange based in Moscow.
The Ministry of Digital Transformation-backed Aid for Ukraine’s digital crypto wallets’ analysis shows it received over $45 million in crypto funds since March.
© Protocols And Tokens Pvt. Ltd.
