More than 80% of the funds from the sanctioned pro-Russian entities were traced to centralized crypto exchanges.
Russian Military Groups Raise $20M in Crypto
Elliptic made the discoveries after NATO allies identified and sanctioned new Russian financiers. A deeper analysis showed that half of the donated funds came through U.S.-sanctioned entities. More than 80% of the funds from the sanctioned pro-Russian entities were traced to centralized crypto exchanges, showing that they were the most common destination for the assets. Besides centralized platforms, the entities also engaged with decentralized finance protocols, including cross-chain bridges, non-fungible token services, and decentralized exchanges .crypto for several reasons. Some see digital assets as a source of fundraising, and others, as an incentive. For instance, U.S.
One example is the Russian Humanitarian Mission , which solicits crypto donations through the wallets of Russian fighter Evgeny Poddubny, who is sanctioned by the United Kingdom, Canada, Australia, and Ukraine. Elliptic found that Poddubny receives funds from sanctioned and criminal platforms like darknet markets
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