Both sides of the Russia-Ukraine conflict are being funded by crypto.
Over 54 pro-Russian volunteer groups have cumulatively sourced $2.2 million in cryptocurrency donations to fund war efforts in Ukraine, according to a report from Chainalysis on Friday.
The blockchain analytics firm said that the vast majority of funds were sent in Bitcoin ($1.45 million) and Ethereum ($590,000), with “considerable quantities” sent in Tether, Litecoin, and Dogecoin as well. Most of the funds were donated to just a few top groups, with one account receiving over $1 million in crypto.
“Social media posts from the groups indicate that a large portion of these funds are being used to equip paramilitary groups,” Chainalysis said. The report claims that about half of the accounts collecting donations have publicly solicited support for militias located in Donetsk and Luhansk—territories sanctioned by the Office of Foreign Assets Control (OFAC).
U.S. politicians, such as Senator Elizabeth Warren, raised...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...