Crypto fuels drone purchases in Russia and Iran: Report
A report from Chainalysis reveals that groups in Russia and Iran are increasingly using cryptocurrency to finance military drone purchases. The blockchain technology allows for better tracking of these transactions, which are often difficult to monitor through traditional financial systems. While the volume of crypto used for drone procurement is relatively small compared to overall military spending, it provides valuable insights into the intent behind these purchases.
- ▪Groups linked to Russia and Iran are using cryptocurrency to buy low-cost military drones.
- ▪Pro-Russia groups have raised over $8.3 million in crypto donations since the invasion of Ukraine.
- ▪Chainalysis found that blockchain technology can help trace the flow of crypto used for drone purchases.
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Groups linked to Russia and Iran are increasingly using cryptocurrency to finance the purchase of low-cost military drones and components, according to a new report from blockchain analytics firm Chainalysis.U.S. sanctions Iran's largest crypto exchange over IRGC linksCommercially available drones have become central to conflict in Ukraine and West Asia, but because low-cost drones are widely available on global e-commerce platforms, it is often challenging for authorities to track who is behind the purchases and what their intent with the products might be.
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