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Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in Ukraine – Bitcoin News

According to a report stemming from the blockchain intelligence company Chainalysis, the agency recognized 54 pro-Russian teams which have “collectively received over $2.2 million worth of cryptocurrency.” The paramilitary teams in Ukraine primarily obtained bitcoin and ether donations but in addition acquired tether, litecoin and dogecoin as nicely, the Chainalysis research particulars.

$2.2 Million in Crypto Sent to Pro-Russian Groups Located in Ukraine, Says Chainalysis

Chainalysis believes greater than $2.2 million value of crypto property have been acquired by pro-Russian paramilitary teams situated in the Donbas area of Ukraine. More particularly, Chainalysis says the recipients have been situated in Donetsk and Luhansk.

There’s been a battle in Donbas and the Donetsk and Luhansk areas of Ukraine for fairly a while. Separatists insist Donbas declared independence from Kyiv in 2014, and pro-Russian army teams agree with the separatists’ declarations. The blockchain intelligence company’s study notes that it found roughly 54 pro-Russian teams which have obtained donations in crypto property.

Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in Ukraine
Chainalysis chart from the company’s report revealed on July 29, 2022.

“Most of the cryptocurrencies donated thus far have been sent to just a few organizations in particular,” the Chainalysis report explains. “However, many more have received still-considerable 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 beginning of the Ukraine-Russia struggle in February, the 54 pro-Russian entities in the Donbas area acquired $1.45 million in bitcoin (BTC) donations and $590K in ethereum (ETH) donations.

“The accounts that support militias often publish pictures of the purchased equipment and descriptions of how future donations will be used,” the Chainalysis report says with an accompanying image of army gear bought with crypto. “Sometimes the posts even itemize the purchases,” Chainalysis researchers wrote.

Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in Ukraine
Image shared in the Chainalysis report of pro-Russian teams sharing footage of things allegedly bought with crypto property.

Chainalysis Says Onchain Data Gives ‘Gleaning Insights Into Pro-Russian Activities’

The information from Chainalysis was revealed on July 29, 2022, because the Ukraine-Russia struggle continues with no finish in sight. In latest instances a selected mining research exhibits that Russia is a well-liked vacation spot for crypto asset miners. The analysis revealed by Intelion Data Systems found that crypto miners are flocking to Moscow and Moscow Oblast, Karelia, and Buryatia.

Furthermore, many imagine that Russia, China, and the BRICS nations are concentrating on the U.S. greenback’s perceived hegemony by crafting a brand new worldwide reserve forex. Just lately each Russia and Ukraine have traded blame over a lethal assault on a prisoner of struggle jail in a separatist area in Ukraine.

The Chainalysis report additional says that funds are being despatched to folks listed on the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned people checklist. For occasion, “Alexander Zhuchkovsky, an OFAC-designated Russian national, has used social media to solicit donations for the Russian Imperial Movement.”

While the $2.2 million in crypto is a big sum, Chainalysis researchers comment that the data is beneficial. “Because public blockchains are transparent, we can follow each transfer in these accounts’ chains of payments, gleaning insights into pro-Russian activities that would be harder to extract from fiat money investigations,” the company’s report concludes.

Tags in this story
54 pro-Russian teams, Bitcoin, Buryatia, Chainalysis Research, battle, Crypto Donations, dogecoin, Donbas, Donetsk, Ethereum, Karelia, Luhansk, Moscow, Moscow Oblast, paramilitary teams, Pro-Russia, Pro-Russian Activities, Pro-Russian Groups, Russia, separatist area, separatists, Ukraine, Ukraine – Russia, War

What do you consider the lately revealed Chainalysis report that discusses $2.2 million despatched to pro-Russian teams in Ukraine? Let us know what you consider this topic in the feedback part under.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,700 articles for Bitcoin.com News in regards to the disruptive protocols rising at present.




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