Elliptic reveals Russian military groups receive nearly $20 million in crypto donations.

Jun 29, 2023 3:12 PM

Crypto Donations to Russian Military Groups Reach $20 Million

According to a report by Elliptic, crypto donations directed towards Russian military fundraising groups during the Ukraine invasion have now reached $20 million. Here are the key points from the report:

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– Nearly two-thirds of pro-Russian crypto funds involve entities sanctioned by the U.S.
– Ukraine’s crypto donation campaign has raised at least $212 million.
– Pro-Russian donations have been gaining momentum compared to pro-Ukrainian donations.
– U.S.-sanctioned Task Force Rusich group of PMC Wagner mercenaries and senior officials of the Donetsk People’s Republic are involved in crypto payment rails.
– Bitcoin is the preferred digital asset for most Russian donations.
– Over 80% of funds channeled to sanctioned entities end up on exchanges, highlighting the risk of sanction evasion if proper compliance measures are lacking.
– Compared to Bitcoin, there is limited use of DeFi protocols and ether for Russian donations.

In conclusion, crypto donations to Russian military groups have increased significantly during the Ukraine invasion, with the majority of funds involving sanctioned entities and using Bitcoin. This raises concerns about the potential for sanction evasion and the need for stronger compliance measures within exchanges.

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