Pro-Russian paramilitary organizations within Ukraine have received an estimated $2.2m in cryptocurrency donations to support the Russian war effort, according to a crypto analytics company Chainalysis.
However, in a head-to-head comparison, the amount received by pro-Russian parties within Ukraine amounts to only 4% of the donations that Ukrainians have received in cryptocurrency to withstand the invasion.
The donations towards pro-Russian groups were disbursed in the form of Bitcoin (BTC) and Ethereum (ETH), the post explained.
“While significant, the $2.2m worth of crypto donated to pro-Russian orgs still pales in comparison to the tens of millions in crypto donated to Ukraine”, Chainalysis said.
Chainalysis plays an important role in tracking global cryptocurrency transactions, and often homes in on what is generally considered illegal or suspicious transactions.
The company was able to break down what currencies had been sent and where. The bulk came from BTC worth $1.45m. ETH came second with $590,000. USD Tether saw $206,000 worth of transactions directed towards those groups with another $2,363 sent in Doge and $21,174 sent in Litecoin.
Meanwhile, Chainalysis has found more evidence that Alexander Zhuchkovsky, who is under Western-led sanctions, has been donating to the Russian Imperial Movement, a designated terrorist organization tied to atrocities.
Zhuchkovsky’s own project, Project Terricon, has long been calling for donations in cryptocurrencies to ensure that the transactions remain hidden from the public eye, and they can then be forwarded towards parties that support Russia’s war efforts abroad.
Chainalysis has been able to leverage the public ledger technology to track, link and tie all donations to their origin and in many cases – to the people who orchestrate the money flow.