Pro-Russian groups raised hundreds of thousands of dollars in cryptocurrency to fund Moscow’s war with Ukraine and dodge US sanctions, according to research conducted by blockchain intelligence company TRM Labs.
The Monday report, viewed by USA Herald and first reported by CNBC, revealed that pro-Russian groups relied on the encrypted messaging app Telegram to seek donations in coins like bitcoin, ethereum, litecoin, and tether, then used the money to supply for Russian-linked militias and supported combat training near the Ukraine border.
As of September 22, these groups raised $400,000 in cryptocurrencies since the start of Moscow’s invasion of Ukraine, according to TRM Labs.
For example, “Task Force Rusich” — a neo-Nazi Russian paramilitary group sanctioned by the US — received over $144,000 in cryptocurrency.
Since Russia’s war with Ukraine, cryptocurrencies rose to fame as an easy way for Russian individuals and businesses to evade Western sanctions. In March, the volume of rubles being exchanged for crypto notched its highest point since May 2021.
