Pro-Russian outfits have resorted to digital asset funds in a bid to support the war efforts against Ukraine while evading international sanctions. A new report suggests that these groups are raising a massive amount of Bitcoin and other cryptocurrencies via crowdfunding campaigns. According to Chris Janczewski, head of global investigations at TRM Labs, the blockchain intelligence resource identified around 0,000 in cryptocurrency raised since the beginning of the invasion on February 24. TRM Labs’ research report on the same revealed that Task Force Rusich – which happens to be a pro-Kremlin militia advocating for the murder and torture of Ukrainian prisoners – is also one such group raising funds in crypto. The group was sanctioned by the Office of Foreign Assets
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Pro-Russian outfits have resorted to digital asset funds in a bid to support the war efforts against Ukraine while evading international sanctions. A new report suggests that these groups are raising a massive amount of Bitcoin and other cryptocurrencies via crowdfunding campaigns.
According to Chris Janczewski, head of global investigations at TRM Labs, the blockchain intelligence resource identified around $400,000 in cryptocurrency raised since the beginning of the invasion on February 24.
- TRM Labs’ research report on the same revealed that Task Force Rusich – which happens to be a pro-Kremlin militia advocating for the murder and torture of Ukrainian prisoners – is also one such group raising funds in crypto.
- The group was sanctioned by the Office of Foreign Assets Control (OFAC) last month, along with two of its senior leaders and five crypto addresses associated with it.
- TRM Labs also discovered a Telegram Channel called Romanov Light that amassed more than $174,000 in crypto for the Special Rapid Response Unit (SOBR), an elite Special Forces unit of the National Guard of Russia.
- The Novorossia Aid Coordinating Center raised approximately $21,000, primarily bitcoin, to purchase drones. The 8-year-old entity was created to support Russian operations in the now war-torn country.
- The development follows European Union (EU) slamming the “sham” independence voting that was conducted in Russian-occupied regions of Ukraine.
- Amid the current escalation of the conflict in the country, European Commission President Ursula von der Leyen announced intentions to impose a new round of sanctions that also aims to restrict the ability of Russians to transfer wealth using cryptocurrencies.
- Russia has been advancing its crypto strategy to skirt the Western sanctions.
- Last month, Russia’s Ministry of Finance and the central bank agreed on legislation to facilitate cross-border payments using crypto.
- The two agencies also found common ground in legalizing mining activity in energy-rich regions of the country.