Episode 23 of Public Key, the Chainalysis podcast, is here! In this episode, we talk with Andrew Fierman, Head of Sanctions Strategy at Chainalysis about the recent OFAC designations of Pro-Russia groups operating in Ukraine and their cryptocurrency fundraising efforts.
Public Key Episode 23: What can $2 million in crypto buy for Russian paramilitary groups?
Following OFAC’s sanctions designation against Task Force Rusich, a Russian paramilitary organization operating in Ukraine, Chainalysis Head of Sanctions Strategy Andrew Fierman joins our host Ian Andrews (CMO at Chainalysis) to discuss what led up this action and how these groups solicit and spend cryptocurrency donations.
Quote of the episode
“We have a very clear image that’s being highlighted on social media. We’re not just talking about some thinly veiled reports where they’re posting an address here or there, or we have to go down some forum rabbit hole to find some information. These guys are very openly, publicly showing off, hey we need “x” amount of money for purchasing these military items or your recent investment in our cause has helped us purchase these items.” – Andrew Fierman (Collections Strategy Manager, Chainalysis)
Minute-by-minute episode breakdown
- (2:03) – Open Source war and the emergence of social media war propaganda
- (3:45) – How Pro-Russia groups are using cryptocurrency to fund the invasion in Ukraine
- (5:20) – Rusich Task Force, Southfront and the history of Pro-Russia militia groups
- (8:25) – What are Pro-Russia groups using crypto to buy?
- (11:25) –The role that cryptocurrency and social media is being used to fund the War in Ukraine
- (14:25) – What is Terricon and how are they using NFTs to raise war related funds
- (17:25) – How blockchain analytics are assisting OFAC and law enforcement to curtail Pro-Russian groups furthering war efforts
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Blog: $2 Million and Counting: How Dozens of Pro-Russian Groups Are Using Cryptocurrency Donations to Fund the War in Ukraine
- Press Release Treasury Targets Additional Facilitators of Russia’s Aggression in Ukraine
- Blog: The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption, China Remains Active Despite Ban, and Crypto Fundamentals Appear Healthy
- Report: The Chainalysis 2022 Crypto Crime Report
Speakers on today’s episode
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews
- Andrew Fierman (Head of Sanctions Strategy, Chainalysis) https://www.linkedin.com/in/andrew-fierman-87511611
This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.