Ukraine attracted more crypto donations than Russia, report reveals.
The two sides in the bitter conflict in Ukraine have been relying on crypto assets and technology to support their military and humanitarian activities, Elliptic says in a report. According to the blockchain forensics company, the targeted nation has attracted more digital asset donations than the invading power.Both Russia and Ukraine have employed blockchain technology to secure funding for their war efforts since Russian forces attacked on Feb.
On the anniversary of the invasion, the company said that “many campaigns have sought to harness core developments in the crypto ecosystem to aid their fundraising – from decentralized finance to crypto pre-paid cards.” The digital cash was used for various purposes, from humanitarian causes to financing sanctioned groups.
The analysis of the transactions traced by Elliptic shows that the bulk of the money, $212.1 million worth of crypto assets, went to support Ukraine. Anti-government organizations in Belarus, a close political and military ally of the Russian Federation, attracted $0.7 million. Pro-Russia groups have raised around $4.8 million for the Russian military and associated militias. More than 10% of these donations came from illicit sources, according to the report. These include darknet markets, sanctioned entities and stolen credit card vendors, the authors detailed.
At the same time, less than 2% of the cryptocurrency donated to Ukraine originated from this kind of sources, Forklog remarked in its coverage. The crypto news outlet also noted that since May 2022, activists supporting Russia have increased their funding and in June raised more bitcoin and ether than the Ukrainians.
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