Crypto donations to Russian military groups estimated at $20 million

"Pro-Russian donations gain momentum": A recent report provides insight into where crypto assets are being donated in war Ukraine.

According to a rapport from Elliptic on June 28, cryptodonations to Russian military groups total nearly $20 million.

According to the analyses, nearly two-thirds of these funds go to the portfolios of Russian companies sanctioned by the US.

Elliptic is a British company specializing in forensics and blockchain security. It works with authorities to track down cryptowallets of sanctioned individuals.

"Pro-Russian donations have gradually gained momentum compared to pro-Ukrainian donations," the report said.

Donations to Ukraine were nevertheless significantly higher, it added. A year after the invasion began, the country's crypto donation campaign had collected at least $212 million in crypto donations.

Ellipitic was also able to identify wallets believed to be linked to the US-sanctioned Wagner Group.

According to the company, more than 80 percent of pro-Russian donations later end up on crypto exchanges. Experts are therefore calling for stricter compliance measures at the exchanges, as they make possible sanction evasion more difficult.