Ukraine is waging a crypto war against Russia?

TRM Labs is a startup responsible for monitoring, detecting and investigating fraud in the crypto industry. She also handles cases related to financial crime in general. Recently, she discovered that pro-Russian groups are using cryptocurrency to support war efforts against Ukraine. Here’s the gist of it.

Already 400,000 dollars mobilized in cryptos

The recent report by TRM Labs indicates that the pro-Russian formations carry out crowdfunding campaigns. This, to support the war efforts against Ukraine. They manage to escape international sanctions for raise colossal funds in bitcoins (BTC) and other cryptocurrencies. Head of Global Investigations at TRM Labs, Chris Janczewski, said these formations have managed to raise around $400,000 worth of crypto since the invasion began on February 24.

Since the war began on Feb. 24, the groups have raised $400,000 in cryptocurrency as of Sept. 22, according to a research report released Monday by digital asset risk and compliance firm TRM Labs.

TRM Labs identified the Task Force Rusich group as part of the formations that raise funds in cryptos. It is a pro-Kremlin militia that never ceases to encourage the torture and murder of Ukrainian prisoners. OFAC had sanctioned it in September along with two of its top executives and five crypto addresses belonging to it.

The TRM Labs report also reveals that there is a Telegram channel called Romanov Light which is linked to pro-Russians. The channel is said to have already collected over $174,000 in crypto for the Special Rapid Response Unit (SOBR). This unit happens to be part of the special forces of the Russian National Guard.

The findings of the recent TRM Labs report clearly indicate that the Russians are successfully circumventing Western sanctions. In this context, the President of the European Commission, Ursula von der Leyen, intends to impose a new series of sanctions against Russia. These should restrict the ability of Russians to use cryptos to transfer money.

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