According to a report citing researchers and blockchain investigators, at least $4 million in cryptocurrency has been sent to pro-Russia Militias in Ukraine.
The wired report also said that millions of dollars are still being sent to paramilitary groups, many of which are officially sanctioned.
The report includes separate findings from cryptocurrency-tracing firms Chainalysis, Elliptic and TRM Labs, along with investigators at Binance.
According to the report, Chainalysis has traced approximately $1.8 million in funding to militias in the last two months. The groups had previously received $2.2 million.
On the other hand, Binance discovered that $4.2 million in cryptocurrency has been transferred to Russian military groups since February.
Despite being able to trace the funds, stopping their flow has proven difficult due to unregulated or sanctioned cryptocurrency exchanges, the majority of which are located in Russia. Moreover, research from Chainalysis and Binance, does not overlap.
Also Read: Ukraine Seizes Funds from Crypto Wallet Funding Russian Military
Serhii Kropyva, former deputy of Ukraine’s Cyber Police said, “With the close cooperation of companies like Chainalysis and Binance, we can see all the wallets involved in this criminal activity.” He further added that “But we can, unfortunately, see that the transfer is continuing all the time.”
