Chainalysis says pro-Russian organizations received $2.2 million in crypto donations
The chain light 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 much smaller (only 4%) than the donations to Ukraine for the war financing in crypto funds, notes Chainalysis.
“Although significant, the $2.2 million in crypto donated to pro-Russian organizations still pales in comparison to the tens of millions in crypto donated to Ukraine,” says Chainalysis.
Officials in the United States are alarmed by the Russian group’s evasion of sanctions led by crypto influence. Cryptoanalytics firm reveals insights into pro-Russian militia and volunteer groups’ crowdfunding driven via social media.
According to reports, the details of Military Logistics Transaction-facilitated donations that went to social media accounts of pro-Russians are as follows:
- $1.45 million in Bitcoin
- $590,000 in Ethereum
- 206,822.70 in USDT-TRX
- $21,174.51 in LTC
- $2,363.62 in DOGE
Chainalysis also reveals 1 million dollars of the total approx. $2.2 million in pro-Russian group donations went to an anonymous account.
Chainalysis’ analysis of militias’ social media accounts describes the fund’s utility in loading paramilitary groups with warfare equipment. It also says the donated funds also fuel propaganda.
Also read: Crypto has become an “essential tool for Ukraine’s defense”
Not only paramilitary groups, even sanctioned entities support crypto donations to pro-Russian groups, according to Chainalysis. Most notable is sanctioned Alexander Zhuchkovsky’s willingness to donate to the Russian Imperial Movement (RIM).
Zhuchkovsky’s Project Terricon support for soliciting crypto donations for militia groups in the Donbas is noteworthy.
Terricon reveals the reason it accepts crypto as donations is to avoid sanctions. An analysis of the on-chain data analysis reveals the receipt of 11% mixer’s funds and the sending of 29% funds via a crypto exchange based in Moscow.
Analysis of the Ministry of Digital Transformation-backed assistance to Ukraine’s digital crypto wallets shows that they have received over $45 million in crypto funds since March.
