Chainalysis: Pro -Russian forces in Ukraine gathered $2.2 Milln in cryptocurrencies – Bits Media

Chainalysis analysts reported, that since February the pro -Russian armed formations operating in Ukraine, militias and volunteers received donations in cryptocurrencies at $2.2 million.

Analysts revealed 54 organizations, who took donations in digital assets. Funds were mainly sent in bitcoins and ether. In total, pro-Russian forces received $1.45 million in BTC, more $590 000 в ETH, 206 822 in USDT stablecoins to Tron sets, $21 000 in LTC and $2,300 in DOGE. Funds are used, Chainalysis assures, to purchase military equipment and "spread propaganda".

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

— Chainalysis (@chainalysis) July 29, 2022

About half of the identified organizations operate on the territory of the Donbass People's Republic. Some of them are already under sanctions, respectively, cryptocurrencies are used to circumvent these sanctions, analysts conclude.

Fundraising is carried out mainly through advertisements on social networks, and to maintain anonymity, mixers are often used.

Chainalysis noted, that it was the use of cryptocurrencies and blockchain that made it possible to track the receipt of funds. If funds were transferred in cash, or money transfers, then tracking them would be much more difficult.

Earlier, the international rating agency Moody’s conducted a study, as a result of which it became clear, that it will be very difficult for Russia to evade sanctions using cryptocurrencies.