Ukraine netted $70M in crypto donations since start of Russia conflict

Ukraine has received over $70 million in cryptocurrencies since the start of the Russian-Ukrainian conflict, providing the nation with funds for military equipment and humanitarian assistance.

The figures came from a Feb. 24

However, pro-Russian military groups have also used cryptocurrency to crowdfund their war efforts, including using crypto donations to fund military purchases, spread disinformation and create pro-invasion propaganda, according to Chainalysis.

The 100 groups have received a total of $5.4 million over the course of the war, however, incoming donations have fallen considerably since July.

It is unclear what impact sanctions had on this downtrend, but a 10th package of sanctions against Russia was introduced on Feb. 24.

Meanwhile, a recent crime report by Chainalysis found that of the $456.8 million total ransomware payments in 2022, a majority of these funds were taken by “actors” believed to be based in Russia.

Chainalysis explained that such attacks are often utilized by bad actors for political agendas, such as that of Russia-based pro-conflict ransomware group Conti, which reeled in $66 million from victims in 2022 and has previously announced its “full support” of the Russian government.