Blockchain intelligence firm Chainalysis recently released a report, which disclosed that almost $2.2 million in crypto had been collectively sent to 54 pro-Russian groups in Ukraine.
According to the study, the paramilitary groups had received these crypto donations in the form of bitcoins, ether, litecoin, tether, and dogecoin.
The report from Chainalysis also highlighted the regions in Ukraine where the highest amount of crypto donations had been made and these were Luhansk and Donetsk.
These two Ukrainian regions have had a conflict with Donbas for quite a while now. According to separatists, Donbas had become independent from Kyiv back in 2014.
Pro-Russian groups in Ukraine are in agreement with the separatists and 54 of them had been the recipient of the crypto donations that were made.
While the majority of the donations made were concentrated on just a few organizations, considerable sums had also been sent to many others.
More than $100,000 have been received by five organizations, while over $10,000 has been sent to 17 organizations. Likewise, more than $1,000 worth of crypto has been sent to 35 organizations.
The Chainalysis study revealed that since the Russia and Ukraine war had broken out back in February, crypto donations had been made in the Donbas region to pro-Russian entities of about $590,000 in Ethereum and $1.45 billion in bitcoin.
The report from the blockchain intelligence company said that accounts supporting the militias also share pictures of the equipment purchased and how the donations are put to use.
It also showed a picture of military equipment that had been bought with crypto. Researchers from Chainalysis said that purchases are even itemized in some posts.
Activities of Pro-Russian groups
The latest report got published on July 29th, as the war between Russia and Ukraine continues. A mining study had also been conducted, which showed that Russia has become a hotspot for crypto mining.
Intelion Data Systems published the research showing that Buryatia, Karelia, Moscow Oblast, and Moscow were some of the Russian regions that were popular for mining.
In addition, it is also believed that China, Russia, and the BRICs nations are developing a new international reserve currency to take down the US dollar.
The report from Chainalysis showed that funds had also been sent to people who are on the sanctioned list of the Office of Foreign Asset Control (OFAC) of the US Treasury.
Alexander Zhuchkovsky, who is on the sanctioned list, solicited donations via social media for the Russian Imperial Movement.
Chainalysis said that the information about the $2.2 million worth of crypto donations made to pro-Russian groups is quite useful.
It said that thanks to the transparency that blockchain technology offers, it is possible to follow the chain of payments and the transfers that happen.
This gives insight into the activities of pro-Russian entities and groups, which would be difficult to obtain from investigations of fiat money.
Ukraine had called for crypto donations when war had first broken out in February.