Pro-Russian groups raise funds through cryptocurrencies CNBC reported that Russia continues to invade Ukraine and is continuing to support Russian military operations. CNBC reported Oct. 3.
According to TRM Labs, the groups have raised $400,000 worth of cryptocurrency since February 24, when the war began.
TRM Labs, a cryptocurrency risk monitor, said that it discovered that Telegram was used by the pro-Russian group to send messages and to provide people with a means to raise funds to support Russian-affiliated militias in their funding and support of operations near the Ukrainian border train. ,
Ari Redbord is the head of legal and government affairs for TRM Labs. He said that the exchange used by the group could not comply with anti-money laundering regulations.
He said that:
“They’re probably using non-compliant exchanges to off-ramp those funds [into fiat currency].”
One group TRM Labs identified that was raising funds is Russian Task Force. They raise money on Telegram channels to support projects like radios and thermal imaging equipment.
According to the U.S. Treasury, the Russian task force was a “neo Nazi paramilitary group that participated in combat with Russia’s military in Ukraine.”
After Russia’s latest military operation against Ukraine, earlier this year, the cryptocurrency market was flooded with bearish sentiment.
As an additional punishment for Russia’s invasion of Ukraine, U.S. President Joe Biden announced new sanctions against the crypto assets of sanctioned Russians.
Russia could possibly use cryptocurrencies to evade these penalties, according to some concerns. Experts say that there is not enough liquidity in cryptosystems for Russia to move the money it needs.
TRM Labs uses publicly available wallet addresses to identify Russia-linked organizations and cross-checks other websites and online activity. It is impossible to determine if these groups are working with the Russian government, or if they receive support from government agencies.