Militias In Ukraine Raise $2.2M In Bitcoin To Support Russia

Bitcoinist

Per a recent report from on-chain analytics firm Chainalysis, pro-Russia groups in Ukraine are raising funds in Bitcoin, Ethereum, Litecoin, and other cryptocurrencies to support their operations. The report claims these groups have raised a total of over $2.2 million using social media platforms.

As seen below, most of the donations have been made in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and USDT based on the TRON Network. The report has linked these funds to around a dozen social media accounts.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Source: Chainalysis

The Chainalysis report showed the following message as an example of the post shared across social media platforms looking to raise money in different cryptocurrencies. As the post shows, the funds’ proceeds are destined to purchase equipment and war material to oppose the Ukrainian forces:

(…)  we have only 150 thousand rubles left to collect for a drone that will be able to bring “gifts” to the positions of our Ukrainian “friends.” We hope that we will be able to shoot it on video and delight you with interesting shots.

Other posts show that these militias are investing in medical supplies, such as first aid kits, communications hardware, SIM cards, weapon maintenance material, and more. The people in charge of this alleged account often provide their donors with detailed reports on the purchased equipment.

The report claims that even the groups with less success at raising funds can make a difference in the war efforts. The groups that collected around $1,000 could pool their funds to acquire radios and upgrade the militias’ reconnaissance capabilities with unmanned aerial vehicles (UAV) priced at $3,000.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview

Comparing Pro-Russia Militias Funds In Bitcoin With Ukraine’s

The report claims a portion of the funds raised by these militias are linked to organizations and individuals by the U.S. Office of Foreign Assets Control (OFAC). These entities have publicly stated that they are looking for a way to circumvent international monetary restrictions via crypto and non-fungible tokens (NFTs).

Coinbase Banner  

On the latter, Chainalysis records little success with many of the NFT offerings from these individuals recording zero bids before they are removed from the digital assets marketplace. Some of these entities have been identified as Project Terrico, Alexander Zhuchkovsky, Bitzlato, Rybar, Rusich, SouthFront, and others.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

The report noted the following on the direct link between these individuals, the funds, and the pro-Russia groups:

Multiple social media account operators have indicated that donations sent to them will directly benefit the Donetsk People’s Militia and Luhansk People’s Militia, which appear to be affiliated with the Donbas People’s Militia, an organization sanctioned by OFAC on December 19, 2014.

However, the report acknowledged that the $2.2 million raised by these militias “pales in comparison to the tens of millions in crypto donated to Ukraine”. In addition, the firm claims cryptocurrencies are a transparent way to transfer funds.

Thus, donations made to these pro-Russia militias are easy to track by the international community removing the tactical advantage of similar donations made in fiat currency. Chainalysis said:

(…) 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.

Go to Source
Author: Reynaldo Marquez


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.