The Ukrainian government has received nearly $70 million in crypto donations since Russia invaded the country a year ago, according to Chainalysis.
The blockchain data platform says the Ukrainian government has been able to effectively use cryptocurrencies, particularly Bitcoin (BTC) and Ethereum (ETH), for wartime support.
“Although cryptocurrencies have been used for nefarious efforts during the war, they have also encouraged Ukraine in many positive ways. For example, in March 2022, we determined that over $56 million worth of cryptocurrency had been donated to addresses provided by the Ukrainian government since the beginning of the war. As of February 2023, these donations have grown to a total of nearly $70 million. The graph below shows that the majority of donations were made in BTC and ETH, two of the most popular cryptocurrencies.”
Chainalysis says some of the “malicious” efforts were cryptocurrency donations to pro-Russian groups.
“As of now, at the end of one year of the war, the number of pro-Russian organizations we have identified has grown to about 100, with nearly $5.4 million in donations. However, these donations decreased during the year.”
The data platform also says there have been major thefts of ransomware encryption by groups inside Russia.
“In recent years, ransomware attacks have increased due to factors such as new technology vulnerabilities due to the work-from-home culture. In our 2023 Crypto Crime Report, we identified at least $456.8 million in ransomware payments in 2022, the majority of which were received by actors believed to be based in Russia.
Ransomware attacks have often been used by bad actors for political agendas and we have seen many examples during the Russia-Ukraine war. For example, Conti, a prolific ransomware group based in Russia, obtained approximately $66 million from victims in 2022.”
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