A year into Russia’s war on Ukraine, we are just starting to see how cryptocurrencies may play a role, but using crypto to fund the war effort is an uphill battle.
, my employer, published a report revealing that “KillNet began to use crypto to raise funds for the Russian war effort. It also began targeting government entities and critical infrastructure in countries opposing the invasion, through DDoS attacks against Lithuania, Poland, Japan, Norway, the Czech Republic, Moldova, and the US, among others.”
The total value of funds raised via cryptocurrencies shows both the reliance on crypto donations to fund the war, as more traditional payment rails have been cut off, yet also makes clear the limitations of laundering and off-ramping large amounts of cryptocurrency. For example, crypto donations to support the Russian war effort pale in comparison to the millions raised in cryptocurrencies in support of Ukraine.Russian actors looking to raise crypto are constantly racing against authorities.
Deputy Attorney General Lisa Monaco, in announcing the takedown of Bitzlato, described the non-compliant exchange as part of an illicit financial system facilitating “over $700 million in direct and indirect transfers between 2018 and 2022.” In just the last 18-months, we have seen U.S.
Unlike art or real estate, Ukraine’s allies don’t need to physically deploy troops in Russia to seize these assets. Blacklisting illicit crypto wallets, with the click of a button, can be as effective as conquering a warlord’s compound. In fact, Ukraine supporters – from Twitter sleuths to the Ukrainian government itself – are looking for possible war funding wallets.
, shows that using cryptocurrency for an illegal invasion will continue to be an uphill battle, at best.
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