While tens of millions of cryptos were donated to Ukraine last year, pro-Kremlin groups have used digital currencies to buy military equipment and spread propaganda.
In the war between Russia and Ukraine, both sides are using cryptocurrencies to gain the upper hand in the conflict.
Pro-Ukraine causes have raised nearly $200 million from crypto donations, showing how borderless and unfiltered money can be useful in an emergency.
But the Russian side also took advantage of crypto: according to a recent Chinalysis report, a total of about $ 5 million was collected during the attack by pro-Kremlin groups and propaganda outlets. These organizations are small grassroots organizations that have used crypto to bypass Western financial sanctions.
“We are really looking at individual actors. So whoever is trying to provide more military resources at the front, at the front […] like bulletproof vests or drones.
But those numbers don’t take into account ransomware attacks: According to Chinalysis data, more than $450 million was paid to these organizations last year, most of which are believed to be based in Russia. Some, like the cybercriminal group Konti, have openly supported the Russian government’s war effort.
“When it comes to ransomware payments, bad actors often have some sort of political agenda behind what they’re doing,” Fierman pointed out.
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