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Chain Analysis Report Says $2.2 Million In Crypto Has Been Sent To Pro-Russian Groups In Ukraine – Bitcoin News
According to a report originating from blockchain intelligence firm Chainalysis, the firm identified 54 pro-Russian groups that “collectively received over $2.2 million in cryptocurrency.” The paramilitary groups in Ukraine primarily received bitcoin and ether donations, but also received tether, litecoin and dogecoin, according to the Chainalysis study.
$2.2 million in crypto sent to pro-Russian groups located in Ukraine, Chainalysis says
Chainalysis believes more than $2.2 million in crypto assets have been acquired by pro-Russian paramilitary groups located in the Donbas region of Ukraine. More specifically, Chainalysis says the recipients were located in Donetsk and Luhansk.
There has been a conflict in Donbas and the Donetsk and Luhansk regions of Ukraine for quite some time. Separatists insist that Donbas declared independence from Kyiv in 2014, and pro-Russian military groups agree with the separatists’ declarations. The blockchain intelligence firm’s study notes that it discovered approximately 54 pro-Russian groups that have received donations in crypto assets.
“Most of the cryptocurrencies donated so far have been sent to just a few organizations in particular,” the Chainalysis report explains. “But many more have received still significant sums. Five organizations have received over $100,000, 17 have received over $10,000, and 35 have raised more than $1,000 worth of cryptocurrency.”
Since the start of the war between Ukraine and Russia in February, the 54 pro-Russian units in the Donbas region have bought $1.45 million in bitcoin (BTC) donations and $590,000 in ethereum (ETH) donations.
“The accounts supporting militias often publish images of the equipment purchased and descriptions of how future donations will be used,” the Chainalysis report said, with an accompanying image of military equipment purchased with crypto. “Sometimes the posts even specify the purchases,” Chainalysis researchers wrote.
Chainalysis Says Onchain Data Provides “Gaining Insights into Pro-Russian Activities”
The news from Chainalysis was published on July 29, 2022, as the war between Ukraine and Russia continues with no end in sight. In recent times, a specific mining study shows that Russia is a popular destination for miners with crypto assets. The research published by Intelion Data Systems discovered that crypto miners are flocking to Moscow and Moscow Oblast, Karelia and Buryatia.
Furthermore, many believe that Russia, China and the BRICS nations are targeting the US dollar’s perceived hegemony by creating a new international reserve currency. Recently, both Russia and Ukraine have traded blame for a deadly attack on a prisoner-of-war prison in a separatist region of Ukraine.
The Chainalysis report further states that funds are sent to individuals listed on the US Treasury Department’s list of sanctioned individuals by the Office of Foreign Assets Control (OFAC). For example, “Alexander Zhuchkovsky, an OFAC-designated Russian national, has used social media to solicit donations for the Russian Imperial Movement.”
While $2.2 million in crypto is a significant sum, Chainalysis researchers note that the information is useful. “Because public blockchains are transparent, we can follow every transfer in these accounts’ payment chains, gaining insights into pro-Russian activities that would be more difficult to extract from fiat money investigations,” the company’s report concludes.
What do you think of the recently published Chainalysis report discussing $2.2 million sent to pro-Russian groups in Ukraine? Let us know what you think about this topic in the comments section below.
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