In the Russia-Ukraine war, both sides have been using crypto to gain the upper hand in the conflict. Find out how in our latest interview with chainalysis head of Sanctions Strategy, Andrew Fierman!
In the Russia-Ukraine war, both sides of the conflict have been leveraging cryptocurrencies to achieve the upper hand.
But the Russian side has taken advantage of crypto too: a total of about $5 million was raised by pro-Kremlin groups and propaganda outlets in the course of the invasion, as revealed by a recent ChainalysisThese entities are small grassroot organizations that have used crypto to bypass western financial sanctions.
But those numbers don’t take into account ransomware attacks: As shown in Chainalysis data, in the course of 2022, over $450 million were paid to these entities, the majority of which were believed to be based in Russia. Some of them, like the cybercriminal group Conti, have openly supported the Russian government in its war effort.
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