In Ukraine, The Militia Raise Over $2M Cryptocurrency Donations to Stand By Russia

According to the current reports from a popular analytics firm Chainalysis, several pro-Russia Militia in Ukraine are raising funds. They are in Bitcoin, Ethereum, Litecoin, and other cryptocurrencies to fund all their operations. In fact, the report says these groups have so far raised a total of over $2.2 million with the help of social media platforms.

This is a very interesting topic of discussion and we are sharing every detail yet known in this article. Do give it a read if you are curious.

What are the reports saying?

So far we have come to know that most of the donations have been made in Bitcoin (BTC), Ethereum (ETH) and  Litecoin (LTC). Furthermore, there is Dogecoin (DOGE), and USDT involved. From various authentic sources, we can link these funds to around a dozen social media accounts.

The Chainalysis report says that a message is posted across social media platforms to raise money in different cryptocurrencies. Furthermore the post shows that the funds’ are said to be used to purchase equipment and war material to oppose the Ukrainian forces. Here’s the post from the Militia.

“We have only 150 thousand rubles left to collect for a drone that will be able to bring “gifts” to the positions of our Ukrainian “friends.” We hope that we will be able to shoot it on video and delight you with interesting shots”.

Other social media posts have emphasized where these funds are utilized by these militias. They are investing in medical supplies, such as first aid kits, communications hardware, SIM cards, weapon maintenance material and others. Furthermore, the account holders often provide their donors with detailed reports on where the fund is being utilized.

In addition, chain analysis also says that all the clubs that are not that successful at raising high funds can also contribute to bringing things to normal. The groups that collected around less money could use their funds to purchase radios and upgrade the militias’ reconnaissance capabilities with unmanned aerial vehicles (UAV) priced at $3,000. This was just a suggestion.

Comparison between the Pro-Russia Militias Funds in Bitcoin and Ukraine’s

As per several reports, a part of the funds raised by the Russian militias are connected to organizations and individuals by the U.S. Office of Foreign Assets Control. Besides, they have stated through public posts and speech that they are looking to find a way around international monetary restrictions via crypto and non-fungible tokens (NFTs).

Furthermore, the Chainalysis has stated little success with many NFT offerings from these individuals recording zero bids before they are removed from the digital assets marketplace. Some of these entities have been spoken about as Alexander Zhuchkovsky, Rybar, Rusich, SouthFront, and others, Project Terrico and Bitzlato.

Ukraine Twitter

The report noted the following things.

“Multiple social media account operators have indicated that donations sent to them will directly benefit the Donetsk People’s Militia and Luhansk People’s Militia. They appear to be affiliated with the Donbas People’s Militia, an organization sanctioned by OFAC on December 19, 2014”.

However, the report has detailed certain other things. The $2.2 million raised by these militias “pales in comparison to the tens of millions in crypto donated to Ukraine”.In addition, these entities say that these cryptocurrencies are a clear way to transfer money.

Also read: Fidelity To Offer Bitcoin Retirement Plans: US Senators Curious of The Issue