Russia invaded Ukraine in February and reports indicate that the two countries are heavily funded by cryptocurrencies during the ongoing war.

According to the report, nearly 54 pro-Russian organizations have received over $2.2 million Bitcoin BTC/USD, ether ETH/USD, tether USDT/USD, Litecoin LTC/USDand Dogecoins DOGE/USD to support paramilitary groups.

These donations are used by the Russian Army to purchase weapons, drones, bulletproof vests, communications equipment and other military supplies.

The paramilitary groups use various social media to share information on how they are doing expenditure these cryptocurrencies.

Also read: US State Department says Putin will be held accountable for war crimes in Ukraine

In one of the social media posts asking for donations, the statement said: “We only have 150,000 rubles left to raise for a drone that will be able to send “gifts” to the positions of our Ukrainian deliver “friends”. Also, we hope to capture it on video and delight you with interesting footage.”

The Chainalysis report says so, though pro-russian If groups received fewer donations, the funds may have improved Russia’s effectiveness during the war.

“Social media posts by the groups indicate that a large proportion of these funds are being used to equip paramilitary groups,” the report said.

The rise of pro-Russian groups receiving donations via cryptocurrencies suggests they can coordinate their actions to achieve their goals.

Photo: man shark on flickr