“While significant, the $2.2M worth of crypto given to pro-Russian orgs still pales in comparison to the tens of millions in crypto given to Ukraine,”.
According to data from crypto analytics, users have sent more than $2 million in crypto to 54 pro-Russian teams since Feb. 24, a fraction of that received by several wallets controlled by the Ukrainian government.
It had tracked funds sent to social media accounts controlled by pro-Russian teams in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USDT-TRX, and Dogecoin (DOGE) beginning with the country’s invasion of Ukraine in Feb. as per the knowledge, users sent roughly $2.2 million to the pro-Russian teams, with more than $1 million aiming to one nameless account.
The available knowledge urged that the $2.2 million in donations amounted to roughly 4-dimensional of crypto sent in support of Ukraine. wallet addresses connected to assist for Ukraine, a platform backed by the government’s Ministry of Digital Transformation, showed the organization had received more than $45 million in crypto since launching in March. Crypto exchange Binance, that facilitates donations through its Ukraine Emergency Relief Fund, reported more than $10 million received since February.
Both Russia and Ukraine have taken serious losses and casualties since the invasion began. Aid for Ukraine reported that crypto sent to its wallets would be wont to support the country’s military in addition as humanitarian projects; in the meantime, Sorces reported the $2.2 million sent to pro-Russian teams can be used primarily for military equipment and to finance propaganda sites.
“While important, the $2.2M price of crypto given to pro-Russian orgs still pales as compared to the tens of millions in crypto given to Ukraine,”
The donations to Ukraine have seemingly been in accordance with international laws. However, roughly half of the crypto sent to the pro-Russian teams would be wont to support military forces within the Donetsk and Luhansk territories of Ukraine’s Donbas region — areas specifically sanctioned by the workplace of Foreign Assets management, or OFAC, at united states Department of the Treasury.
In addition, Russian national Alexander Zhuchkovsky, additionally listed as a Specially selected National on OFAC’s sanctions, has used social media channels to market the Terricon Project. The cluster reportedly supported Russian efforts within the war against Ukraine through crypto donations for the military within the Donbas region and therefore the dishonorable sale of nonfungible token design.
( Turner Wright, Cointelegraph, 2022 )