Binance's investigative team and cryptocurrency tracking company helped track down $4.2 million in crypto funds that served as donations to the Russian military in Ukraine during the Russia-Ukraine war.
It is understood that the detection was made through an open channel on the Telegram messaging application that solicits money from the public.
As evidence, blockchain analytics platforms such as Chainalysis, Elliptic and TRM Labs found Telegram channels from the Rusich paramilitary group as well as pro-Russian media sites and Southfront displaying addresses to parties intending to contribute crypto.
It was also found that Binance's research team had tracked the $4.2 million cryptocurrency being transferred to a Russian military organization since February 2022.
But the total amount of donations is likely to be greater than the figure mentioned and there are other organizations that have been doing the activity quietly.
According to Serhii Kropyva, a former deputy of the Cyber Police of Ukraine stated that the transfer of millions of dollars continues even though the cooperation with Binance and Chainalysis has allowed him to research every wallet involved in this criminal activity.
Binance also mentioned MOO Veche, a pro-Russian “cultural heritage” organization organizing fundraising events aimed at weapons purchases.
Although Binance, TRM Labs and Elliptic cited MOO Veche as the most important fundraiser, it was detected to have collected $1.7 million in cryptocurrency donations.
In the meantime, the donated funds will be used to pay for thermal imaging scopes and UAVs rather than Russia buying new tanks, commented Chainalysis researcher Andrew Fierman.
