Pro-Russian paramilitary groups are raising bitcoin (BTC) and other cryptoassets to fund their operations and evade sanctions as the invasion of Ukraine continues, reported CNBC, citing a research report published Monday by TRM Labs, a digital asset compliance and risk management company.
From the start of the invasion on February 24 this year until September 22, these groups had raised $400,000 in cryptocurrency, the report claimed.
The groups are using the encrypted messaging app Telegram to offer ways in which supporters can send funds. This money is then used to supply Russian-affiliated militia groups, as well as to support combat training close to the border with Ukraine, said the report.
Ari Redbord, head of legal and government affairs at TRM Labs, told CNBC that these groups are “probably using non-compliant exchanges to off-ramp those funds [into fiat currency],” referring to crypto exchanges that are less compliant with anti-money laundering (AML) and other regulations.
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