Cryptocurrency experts analyze cryptocurrency transactions between Ukraine and Russia since the beginning of the war

From July 2021 to June 2022, the total volume of cryptocurrency transactions in Eastern Europe amounted to $ 630.9 billion, according to an analytical report by Chainalysis.

1/ Eastern Europe is the fifth-largest #crypto market we studied in this year’s Geography of Cryptocurrency Report.

In this one, we cover key trends in the region.

Read the blog to get a full overview! https://t.co/E5BOeZT6IT

— Chainalysis (@chainalysis) October 12, 2022

According to experts, the cryptocurrency market is the fifth largest, accounting for more than 10% of global transaction activity during the study period. At the same time, 18.2% of all assets generated in Eastern Europe are related to risky or illegal activities, which is higher than in any other region of the world.

Chainalysis also stated that since the beginning of Russia’s full-scale invasion on February 24 and until June 2022, Ukraine has seen a steady increase in the number of cryptocurrency transfers. Most likely, this is due to charitable contributions to support the Armed Forces, people affected by Russian aggression, and to restore damaged or destroyed critical infrastructure. Instead, the terrorist country used cryptocurrency transactions in a much narrower range. We assume that this is due to the sanctions imposed by the European Union.

In Russia, the most frequent scenarios for using cryptocurrencies were related to the withdrawal of funds abroad. Since February, the UAE, Turkey, Kazakhstan, and Georgia have seen a surge in the activity of Russian cryptocurrency services. Chainalysis experts have also recorded an increase in the use of stablecoins by the occupier since the beginning of the full-scale war.

Yesterday, we reported that Russians are actively trying to exchange cryptocurrency for cash, as speculators offering such services have appeared on the territory of the terrorist country. However, cryptocurrency experts point out that there is a high probability that Russians will simply be fooled and lose money.

We would like to add that according to the September study by Chainalysis, Ukraine ranked third in the global cryptocurrency adoption index in 2022. We have also shared our expert opinion on how digital assets help Ukraine fight Russian aggression and help war victims. And even earlier, we informed about another study that demonstrated the effectiveness of cryptocurrencies in Ukraine.