A Year into Russia’s War on Ukraine, Cryptocurrencies Continue to Play a Key Role

February 25, 2023

For Chainalysis, this one-year anniversary is a chance to reflect on the significant role cryptocurrency has played in the Russia-Ukraine War, in ways both good and bad. At the time, we found that those organizations had received roughly $2.2 million in donations, some of which came before the invasion. Donations to UkraineAlthough cryptocurrencies have been used for malicious efforts during the war, they have also emboldened Ukraine in numerous positive ways. In addition to helping with war efforts, cryptocurrency donations are likely to encourage increased adoption and strengthen an economy that has otherwise been hampered by the war. We will continue to pay close attention to cryptocurrency transactions and other related efforts as it pertains to Russia’s war in Ukraine, and provide updated data when necessary.