LOGO_CRYPTO_SIGHT

Over $2 Million In Crypto Transferred to 54 Pro-Russian Groups, Per Chainalysis Insights

July 28, 2022

Per insights from crypto analytics entity Chainalysis, users have completed over $2 million of crypto transfers to 54 pro-Russian groups since Feb. 24, with a few wallets managed by the Ukrainian authority.

Specifically, Chainalysis reportedly revealed that it is carrying out the tracking of funds transferred to social media accounts, in the management of pro-Russian groups in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USDT-TRX, and Dogecoin (DOGE) starting with the country’s invasion of Ukraine in February. 

As disclosed via Chainalysis’ insights, users reportedly completed the transfer of approximately $2.2 million to the pro-Russian groups, with over $1 million moved to a single anonymous account.

Although additional groups beyond the scope of Chainalysis’ investigation of the ones assisting pro-Russian forces, the available data reportedly revealed that the $2.2 million in donations amounted to nearly 4% of crypto sent in support of Ukraine. 

Wallet addresses linked to Aid for Ukraine, a platform receiving the backing of the government’s Ministry of Digital Transformation, revealed that the organization had been at the receiving end of over $45 million in crypto since its official roll-out in March. 

Crypto exchange Binance, which offers supporting features for donations via its Ukraine Emergency Relief Fund, reported over $10 million received since February.

Both Russia and Ukraine have reportedly suffered significant damages and casualties since the invasion started. Aid for Ukraine reported that crypto sent to its wallets would be dedicated to supporting the nation’s military, together with humanitarian initiatives. 

Meanwhile, Chainalysis reported the $2.2 million transferred to pro-Russian groups could be devoted mainly to military equipment and to finance propaganda sites.

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