The conflict in is being funded by cryptocurrency on both sides. There are more than 54 volunteer groups that are pro-Russian, that have sourced cumulatively around $2.2 million when it comes to cryptocurrency donations. This is according to a report that was released by China lysis last Friday.
The analytics firm based on blockchain said that a majority of the funds were sent using Bitcoin. Nearly $1.45 million was sent in this way. Another $590,000 was sent in the form of Ethereum.
Cryptocurrency Raised By Pro Russia Groups
Other than Bitcoin as well as Ethereum, there was also a lot of quantities that were sent in the form of Tether, Dogecoin, as well as Litecoin. A majority of the funds were provided to just a few of the top groups. There was also one account that received over $1 million when it comes to crypto.
Chainalysis looked at social media posts that came from the group. This indicated that a majority of these funds are being used in order to equip people in paramilitary groups. The report also said that at least half the accounts that are collecting the donations support Russia. They have publicly stated they support the militias located in Donetsk as well as Luhansk.
Politicians in the UE such as Elizabeth Warren have already raised concerns that Russia could be making use of cryptocurrency in order to avoid sanctions. Project Terricon has been asking for fixations in order to support militia troops that are Russian.