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Russia-Ukraine war: How both sides of the conflict have used crypto to win

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In the Russia-Ukraine war, both sides of the conflict have been leveraging cryptocurrencies to achieve the upper hand. Pro-Ukraine causes have collected around $200 million from crypto donations, showing how borderless and uncensorable money could be useful in time of emergency.

But the Russian side has taken advantage of crypto too: a total of about $5 million was raised by pro-Kremlin groups and propaganda outlets in the course of the invasion, as revealed by a recent Chainalysis report.

These entities are small grassroot organizations that have used crypto to bypass western financial sanctions. “We're really looking at individual actors.

So somebody who's on the front, somebody who's trying to help provide more military resources to the front [...] things like bulletproof vests or drones,” explained Andrew Fierman, head of Sanctions Strategy at Chainalysis and one of the authors of the report.

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