$2 Million and Counting: How Pro-Russian Groups Are Using Crypto Donations to Fund the War in Ukraine

$2 Million and Counting: How Pro-Russian Groups Are Using Crypto Donations to Fund the War in Ukraine

After the U.S. Department of Treasury -  Office of Foreign Assets Control (OFAC) announced sanctions against Task Force Rusich, a Russian paramilitary organization operating in Ukraine. Host, Ian Andrews (CMO at Chainalysis) sat down with Andrew Fierman, who is Head of Sanctions Strategy for Chainalysis to help us better understand what led up to these actions. 

Andrew describes the use of social media, cryptocurrency and war propaganda that has been assisting in fundraising efforts for Pro-Russia groups invading Ukraine and highlights the turmoil that has been happening in these Eastern European countries.  He also lists the various militia equipment that these groups have been requesting from their supporters. 

Minute-by-minute episode breakdown

• (2:03) – Open Source war and the emergence of social media war propaganda 
• (3:45) – How Pro-Russia groups are using cryptocurrency to fund the invasion in Ukraine
• (5:20) – Rusich Task Force, Southfront and the history of Pro-Russia militia groups
• (8:25) – What are Pro-Russia groups using crypto to buy?
• (11:25) –The role that cryptocurrency and social media is being used to fund the War in Ukraine
• (14:25) – What is Terricon and how are they using NFTs to raise war related funds 
• (17:25) - How blockchain analytics are assisting OFAC and law enforcement to curtail Pro-Russian groups furthering war efforts 

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

• Blog: $2 Million and Counting: How Dozens of Pro-Russian Groups Are Using Cryptocurrency Donations to Fund the War in Ukraine
• Press Release Treasury Targets Additional Facilitators of Russia’s Aggression in Ukraine
• Blog: The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption, China Remains Active Despite Ban, and Crypto Fundamentals Appear Healthy
• Report: The Chainalysis 2022 Crypto Crime Report

Speakers on today’s episode

• Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews
• Andrew Fierman (Head of Sanctions Strategy, Chainalysis) https://www.linkedin.com/in/andrew-fierman-87511611

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.