E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Elon Musk Dumps 6.9 Million Tesla Shares Worth $7 Billion

August 10, 2022

Sebi’s grievance redressal platform SCORES disposes of 2,245 complaints in July

August 10, 2022

Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5%

August 10, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says
Crypto

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

Paul EasterBy Paul EasterJuly 30, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


What’s sauce for the goose is sauce for the gander —the Russians told the Ukranians. On July 29, Chainalysis released a report indicating that several pro-Russian groups have raised more than $2 million in cryptocurrency donations (mainly BTC and ETH) to fund Russia’s war against Ukraine.

According to the report, Chainalysis has identified a total of 54 pro-Russian organizations that have received over $2.2 million in BTC, ETH, Tether, LTC, and DOGE to provide equipment and logistics to paramilitary groups in the Donbas region of Ukraine. These territories are subject to OFAC sanctions.

Social media accounts from Russia that are receiving crypto donations. Image: Chainalysis
Pro Russia social media accounts receiving crypto donations. Image: Chainalysis

Russians Use Crypto Donations To Buy Supplies During the War

According to Bloomberg, the crypto donations received by the pro-Russia groups are being used to purchase weaponry, drones, bulletproof vests, communication devices, and other military supplies.

According to Chainlaysis, paramilitary groups have used social media to show how they use crypto donations to buy weaponry. As an example, the report reads a statement from one of the allegedly identified pro-Russia social media accounts asking for funds to buy a drone:

“We have only 150 thousand rubles left to raise for a drone that will be able to deliver “gifts” to the positions of our Ukrainian “friends.” We hope to be able to film it on video and delight you with interesting shots.”

Similarly, other groups have publicly shown purchases of medical equipment such as first aid kits and medical bags. Chainnalysis points out that despite not having received large amounts of money, they can strongly influence the effectiveness of the militias.

Chainalysis explains that even though the total amount received by the Russian groups is small, it could drastically improve Russia’s effectiveness during the war because the Ruble (Russia’s local currency) has considerably lost its value. Cryptocurrencies are considered a hedge against inflation and the devaluation of weak fiat currencies.

Cryptocurrencies Help Russia Evade US Sanctions

According to Chainalysis, paramilitary organizations have used cryptocurrency to evade international sanctions. Over 11% of the total donations passed by obfuscation processes like coin mixers.

In addition, Chainalysis revealed that Pro-Russian groups laundered approximately $1 million via a local cryptocurrency exchange called Bitzlato.

Similarly, Chainalysis suggests that the increase in pro-Russian groups receiving donations through cryptocurrencies indicates that they may be coordinating their actions to achieve their purposes.

However, as CryptoPotato recently reported, the amount of donations they have received is far less than that received by the Ukrainian government, which since March has already raised more than $100 million through cryptocurrencies and NFT sales.

Thanks to the donations received by Ukraine, and the country’s record adoption, the country’s president, Volodymyr Zelensky, legalized the use of cryptocurrencies. This is very different from a recent move by the president of Russia, who banned the use of cryptocurrencies in the country for the payment of goods and services.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

Elon Musk Dumps 6.9 Million Tesla Shares Worth $7 Billion

By Paul EasterAugust 10, 2022

Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5%

By Paul EasterAugust 10, 2022

X.LA’s Alex Barkaloff Reveals Vision to Bring Billions to Web3

By Paul EasterAugust 10, 2022

Hotbit Freezes Withdrawals Following Subpoena of Senior Managers

By Paul EasterAugust 10, 2022
Add A Comment

Comments are closed.

Our Picks

Elon Musk Dumps 6.9 Million Tesla Shares Worth $7 Billion

By Paul EasterAugust 10, 2022

Sebi’s grievance redressal platform SCORES disposes of 2,245 complaints in July

By Paul EasterAugust 10, 2022

Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5%

By Paul EasterAugust 10, 2022
Recent Posts
  • Elon Musk Dumps 6.9 Million Tesla Shares Worth $7 Billion August 10, 2022
  • Sebi’s grievance redressal platform SCORES disposes of 2,245 complaints in July August 10, 2022
  • Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5% August 10, 2022
  • Zomato targets breakeven by Q2 FY24, lowers investment guidance to USD 320 mn August 10, 2022
  • What Goes Into A Hacker Camp August 10, 2022
  • X.LA’s Alex Barkaloff Reveals Vision to Bring Billions to Web3 August 10, 2022
  • men’s T20 rankings August 10, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.