Pro-Russian fighters received over $2 million in donations

Chainalysis, the blockchain analysis specialist, publishes a survey in which we learn that some pro-Russian propaganda media are calling for cryptocurrency donations. These donations are used to finance paramilitary groups, operating in particular in the Donbass region.

Pro-Russian militias receive cryptocurrency donations

In a survey published on Friday, Chainalysis informs donations received in cryptocurrencies by the fighters pro-russians, as part of the invasion of Ukraine. According to the analyzes of the activity on the various blockchains, 54 organizations could thus be transmitted.

In total it is over $2.2 million that could be collected. Various propaganda media on social networks serve as intermediaries to collect funds, in order to redistribute them to combatants. Bitcoin (BTC) and Ether (ETH) are the main sources of income, as shown in the chart below:

Cryptocurrency donations collected by pro-Russian media

According to Chainalysis, about half of propaganda actors, appealing for donations, do so for the benefit of paramilitary groups in the Donbas region.

Among these various supporters is Alexander Zhuchkovsky, an activist subject to sanctions from theForeign Assets Control Office (OFAC). Since 2014, he reportedly managed to collect 200 million rubles to finance military equipment, the equivalent of $3.21 million.

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Funds used to purchase military equipment

The investigation reveals that the media involved regularly publish photos of the equipment purchased. This includes all the classic military equipment you can imagine: weapons, ammunition, bulletproof vests, but also drones. Chainalysis is also part of communications to say the least explicit :

“[โ€ฆ]we have only 150,000 rubles left to collect for a drone that will be able to bring gifts to the posts of our Ukrainian friends. We wish that we could shoot it on video and delight you with interesting shots. ยป

If such use of our ecosystem is to deplorehowever, it is necessary relativize. As Chainalysis notes, compared to the donations received by Ukraine, these donations are in the minority. In addition, the public nature of the blockchains used makes it possible to glean valuable informationwhich can then be shared with the competent authorities.

published by editions Larousse

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Source: Chainalysis

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