Pro-Russian Groups Turn To Bitcoin (BTC)!

Russia’s invasion of Ukraine cryptocurrencies expanded its uses.

In addition to the cryptocurrency aid to Ukraine, Russian citizens have also turned to cryptocurrencies to avoid the economic sanctions imposed.

In this context Blockchain intelligence firm TRM LabsA study by pro-Russian groups to support their operations and escape their economic sanctions. Bitcoin (BTC) and other in cryptocurrencies It showed that it was raising funds.

Speaking to CNBC, Chris Janczewski, CEO of TRM Labs, said pro-Russian groups had raised at least $400,000.

“As of September 22, we have determined that approximately $400,000 has been raised since the invasion began in February.”

The CEO stated that in his address research, they could not determine whether Russian-linked groups were working with the Russian government.

However, according to CEO Janczewski, one of the pro-Russian groups has been quoted as saying by the US Treasury Foreign Assets Control Office (OFAC).Task Force Rusich, defined as a neo-Nazi paramilitary group that joined the war on the side of the Russian army in Ukraine” named group.

According to the CEO, another group is “Novorossia Aid Coordination Center” named group. This group is also the first to buy drones. bitcoin It is stated that he collected about 21,000 dollars.

TRMM Labs stated that these groups are also raising funds to purchase thermal imagers and radios, among other products.

The research also found that these groups were later converted to fiat currency. cryptocurrencies It is also stated that it uses encrypted messaging applications such as Telegram to share ways of sending messages with each other.

Finally, although the amount collected by pro-Russian groups is insignificant compared to the crypto money donations made to Ukraine, the CEO said that this is a situation that needs attention:

“Of course, you can see higher amounts of dollars through traditional banking, but as the economic sanctions imposed put pressure on various groups, they have fled traditional financial systems and turned to cryptocurrencies.

Because cryptocurrencies are definitely a way to follow for those who want to escape from sanctions. And I think the number of people choosing the cryptocurrency path will increase.”