Crypto donations in Bitcoin, Ether, Litecoin, USDT-TRX and DOGE to pro-Russian groups reach $2.2M

Market

Tue, 26 Sep 2023, 11:08 PM
UTC
English

한국어

Insights

Link copied

Crypto donations in Bitcoin, Ether, Litecoin, USDT-TRX and DOGE to pro-Russian groups reach $2.2M

While pro-Russian groups received $2.2 million in crypto donations since the war started in February, the figure is just 4 percent of the $55 million in crypto donations received by pro-Ukraine groups.

Kiev, Ukraine / Image by: Wikimedia Commons

Mon, 01 Aug 2022, 01:07 am UTC

While the war between Russia and Ukraine remains undecided, pro-Ukraine groups definitely won when it comes to the amount of cryptocurrency they received via their donation campaigns. While pro-Russian groups managed to raise more than $2 million in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and USDT-TRX in crypto donations, the amount is just a tiny fraction of the amount received by those sympathetic to the Ukrainian government.

Data from on-chain analytics firm Chainalysis revealed that pro-Russian groups received around $2.2 million in crypto donations since February 24 this year, with more than $1 million going to a single unnamed account, according to Cointelegraph. The crypto donations consist of a mix of Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), USDT-TRX, and Litecoin (LTC).

While $2.2 in donations is a significant amount, the figure still pales in comparison to the amount received by pro-Ukraine groups. The report mentioned that $2.2 million is just 4 percent of the amount of crypto sent by Ukraine supports, which means that the total must be around $55 million.

“While significant, the $2.2M worth of crypto donated to pro-Russian orgs still pales in comparison to the tens of millions in crypto donated to Ukraine,” Chainalysis said.

The biggest chunk of crypto donations for Ukraine went to wallet addresses connected to Aid for Ukraine, which received more than $45 million in crypto since it started in March. Meanwhile, crypto exchange Binance received more than $10 million since February through its Ukraine Emergency Relief Fund.

Ukraine stated that the crypto donations it received will be spent on humanitarian projects and to support its military. Meanwhile, Chainalysis said the $2.2 million received by the Russian side will likely be spent to finance propaganda sites and military equipment.

TokenPost | [email protected]