Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says – CryptoPotato

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Chainalysis explains that even though the total amount received by the Russian groups is small, it could drastically improve Russia’s effectiveness during the war because the Ruble (Russia’s local currency) has considerably lost its value. Cryptocurrencies are considered a hedge against inflation and the devaluation of weak fiat currencies.

Cryptocurrencies Help Russia Evade US Sanctions

According to Chainalysis, paramilitary organizations have used cryptocurrency to evade international sanctions. Over 11% of the total donations passed by obfuscation processes like coin mixers.

In addition, Chainalysis revealed that Pro-Russian groups laundered approximately $1 million via a local cryptocurrency exchange called Bitzlato.

Similarly, Chainalysis suggests that the increase in pro-Russian groups receiving donations through cryptocurrencies indicates that they may be coordinating their actions to achieve their purposes.

However, as CryptoPotato recently reported, the amount of donations they have received is far less than that received by the Ukrainian government, which since March has already raised more than $100 million through cryptocurrencies and NFT sales.

Thanks to the donations received by Ukraine, and the country’s record adoption, the country’s president, Volodymyr Zelensky, legalized the use of cryptocurrencies. This is very different from a recent move by the president of Russia, who banned the use of cryptocurrencies in the country for the payment of goods and services.

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Source: https://cryptopotato.com/russia-has-received-over-2-million-in-cryptocurrency-donations-chainalysis-says/