In Ukraine, organizations supporting Russia are reportedly raising money in Bitcoin, Ethereum, Litecoin, and other cryptocurrencies to finance their operations, according to a new study by on-chain analytics company <a href="https://blog.chainalysis.com/reports/pro-russian-crypto-donations-war-in-ukraine/" target="_blank" rel="nofollow noopener">Chainalysis</a>. According to the research, these organizations raised more than $2.2 million by leveraging social media. The majority of donations have been made using the TRON network-based cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), <a href="https://www.cryptoknowmics.com/news/all-you-need-to-know-about-using-dogecoin-on-your-phone/" target="_blank" rel="noopener">Dogecoin</a> (DOGE), and USDT. These monies were connected to approximately a dozen social media profiles in the investigation.

https://twitter.com/chainalysis/status/1553005755158126593?ref_src=twsrc%5Etfw

According to other posts, these militias reportedly spend money on medical supplies like first aid kits, SIM cards, communication equipment, and other things. The folks running this supposed account regularly give their funders in-depth reports on the equipment they've bought. The paper asserts that even organizations with minimal success in fundraising can contribute to the war effort. A group of people raising $1,000 can combine their resources to buy radios and enhance the militia's reconnaissance equipment with $3,000 worth of Unmanned Aerial Vehicles (UAVs).
<h2>Ukraine and Pro-Russia Militia Fund Comparison</h2>
According to the report, the US Office of Foreign Assets Control (OFAC) has connections to specific groups and people through some money these fighters have raised. These organizations have made it known that they are looking at using non-fungible tokens (NFTs) and cryptocurrencies to get around international financial penalties. Later, Chainalysis had minimal success; a few of their NFT offerings had zero bids before being taken from the digital asset market. Project Terrico, Alexander Zuchkovsky, Bitzlato, Ryber, Rasich, Southfront, and other organizations have been named as some of these entities.

Militias in Ukraine Raise $2.2M in Bitcoin and Ethereum to Support Russia

Organizations supporting Russia in Ukraine are raising money in Bitcoin, Ethereum, Litecoin, and other cryptocurrencies to finance their operations.

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Militias in Ukraine Raise $2.2M in Bitcoin and Ethereum to Support Russia

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