{"id":68512,"date":"2022-10-13T11:00:18","date_gmt":"2022-10-13T08:00:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68512"},"modified":"2025-09-07T14:28:54","modified_gmt":"2025-09-07T11:28:54","slug":"chainalysis-assesses-the-dynamics-of-cryptocurrency-transfers-in-ukraine-and-russia-since-the-start-of-the-war","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/chainalysis-assesses-the-dynamics-of-cryptocurrency-transfers-in-ukraine-and-russia-since-the-start-of-the-war\/","title":{"rendered":"Chainalysis assesses the dynamics of cryptocurrency transfers in Ukraine and Russia since the start of the war"},"content":{"rendered":"<p>From July 2021 through June 2022, the total volume of cryptocurrency transactions across Eastern Europe stood at $630.9 billion, according to Chainalysis&#8217;s analytical report.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Eastern Europe is the fifth-largest <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> market we studied in this year\u2019s Geography of Cryptocurrency Report.<\/p>\n<p>In this \ud83e\uddf5we cover key trends in the region. <\/p>\n<p>Read the blog to get a full overview! <a href=\"https:\/\/t.co\/E5BOeZT6IT\">https:\/\/t.co\/E5BOeZT6IT<\/a><\/p>\n<p>\u2014 Chainalysis (@chainalysis) <a href=\"https:\/\/twitter.com\/chainalysis\/status\/1580158336195911680?ref_src=twsrc%5Etfw\">October 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>The market is the fifth-largest, accounting for just over 10% of global transaction activity in the period studied.<\/p>\n<p>18.2% of all assets received by Eastern Europe were linked to high-risk or illicit activity \u2014 these figures were higher than in any other region.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/_gbcwhdzBailct2-DWzY26K2bpc6E6pr7YOiJHiYuzEjLyqwTdtIYqma_OMVKTjGwzmLblYb-9S64cOG7wBJhRN8FDtGQpfq2virNyGgfeWNRb22Hc6A3cZCTnAOu3r8GGQS0XGo30CaWIjDNMWZc_UiRE0MT-l0nPLrmaJ47YTeku0ClcH_f4psJQ\" alt=\"Chainalysis data on cryptocurrency transfer activity in Ukraine and Russia since the start of the war\"\/><figcaption class=\"wp-element-caption\">Data: Chainalysis.<\/figcaption><\/figure>\n<p>Experts noted a sharp rise in cryptocurrency transfers to Ukraine and Russia shortly after the start of Russia&#8217;s full-scale invasion.<\/p>\n<p>In March, the volume of trading in Ukrainian hryvnia on the Binance and LocalBitcoins platforms rose by 121%, to $307 million, and in Russian rubles by 35%, to $805 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/PAW8fXNlVnFqUAqdd5Pvx8slQfvZ8XHXrSmPYGUF9yAktw_ljn0rvv0g51qzYMGU1qpZbFCvYunn4FV3MQtnVbq2FmKX6njNLCMoad2bfrE85XDVR7yEa3gEA7FtEc_rB8k_mDUE3qW76MPajvutyII9OSL_-ASYvGapTHhKVdKdw34zXD8bcj79Bg\" alt=\"Chainalysis data on cryptocurrency transfer activity in Ukraine and Russia since the start of the war\"\/><figcaption class=\"wp-element-caption\">Data: Chainalysis.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cHowever the trend diverged. In the following months, Russia saw fluctuations in the number of transactions within a relatively narrow range. In Ukraine, by contrast, there was a steady growth in cryptocurrency transfers from the start of the war through June 2022,\u201d said Chainalysis.<\/p>\n<\/blockquote>\n<p>In July, trading volumes on platforms in hryvnia began to fall. According to Finance Ministry adviser Tatiana Dmitrenko, this may be linked to the relaxation of currency controls by the National Bank.<\/p>\n<p>In Russia, the most common use cases involved moving funds abroad. Since February, there has been a spike in visits to Russian crypto services from the UAE, Turkey, Kazakhstan and Georgia.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/QCZqEDZe-eByfb4-cBwyPsRfiplWxzv8KlbwMEQYvzdlJAmVimTcXQj75MpZO8C_tOfDBOXIYfvVGAG2Tne4B2x968BSO9pB9n5KN5r1QSQjt4DiK8x929kfYBLP3cs2eAMtnflXtsO6MBpCqXjIQnRZVzED3DLO-cn-CjMIJyJt1U4sYBh04HHEzg\" alt=\"Chainalysis data on cryptocurrency transfer activity in Ukraine and Russia since the start of the war\"\/><figcaption class=\"wp-element-caption\">Data: Chainalysis.<\/figcaption><\/figure>\n<p>Experts at Chainalysis also noted growth in the use of stablecoins in Russia since the start of the war. In January these assets accounted for 42% of transaction volume, predominantly on Russian services. This share rose sharply to 55% in February and to 67% in March.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/lul3xttTzw9n0oTQUF5djMZL7AWQnBh4ap9_ker5UXFia-7fUoDIN2OJmdd_ucIx_gqmptqjGEcqAdMMfrBhg9aZaO7OuXtYfQQnDgPmQf05Y3aK_bIcYewi3Yl_bPM-r6rflVuf9i8DFKgi_-yKGew_EFxP1CgHaFlC9hNcoNvYHUDS-Mq5G1uyfA\" alt=\"Chainalysis data on cryptocurrency transfer activity in Ukraine and Russia since the start of the war\"\/><figcaption class=\"wp-element-caption\">Data: Chainalysis.<\/figcaption><\/figure>\n<p>Analysts suggest that the use of cryptocurrencies could undermine the efficacy of sanctions imposed on Russia. At the same time, for Ukraine digital assets open an additional channel for donations.<\/p>\n<p>Earlier, analysts <a href=\"https:\/\/blog.chainalysis.com\/reports\/pro-russian-crypto-donations-war-in-ukraine\/\">Chanalysis<\/a> found that since February 2022 no fewer than 54 different groups from Russia had been soliciting funds to finance the military invasion of Ukraine. By the end of July, their wallets had collectively received $2.2 million in various digital currencies.<\/p>\n<p>As reported in the September Chainalysis report, <a href=\"https:\/\/u1f987.com\/en\/news\/ukraine-surpasses-russia-in-chainalysis-global-crypto-adoption-index\">Ukraine surpassed Russia<\/a> in the global cryptocurrency adoption index for 2022. The fastest-growing Bitcoin market, according to the analysts, was the region <a href=\"https:\/\/u1f987.com\/en\/news\/chainalysis-names-the-mena-region-the-most-dynamic-crypto-market\">Middle East and North Africa<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From July 2021 through June 2022, the total volume of cryptocurrency transactions across Eastern Europe stood at $630.9 billion, according to Chainalysis.<\/p>\n","protected":false},"author":1,"featured_media":68513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[274,1252,27,16],"class_list":["post-68512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainalysis","tag-reports","tag-russia","tag-ukraine"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68512"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68512\/revisions"}],"predecessor-version":[{"id":68514,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68512\/revisions\/68514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68513"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}