As the Russian invasion of Ukraine enters a second year, so far there is one clear winner of the battle for crypto-based finance, and it's not Russia.
An analyst at Elliptic pointed out that on top of the 10 percent from illicit sources, another third of pro-Russian crypto donations were sourced from what is known as a 'crypto mixer'—a service that mixes different streams of potentially identifiable cryptocurrency, making the origin of the funds far harder to trace.
Other research by data provider Chainalysis shows that flows of cryptocurrency to Russia peaked in June, after a slow start—which tallies with the Elliptic analysis. Russia has been more skeptical in the adoption of crypto, but is now catching up, to an extent. Crypto still makes up a very small proportion of the amount donated to pro-Russian causes, with the bulk of them being sustained primarily through fiat currency donations.
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