Russia, Iran-linked groups use crypto to buy drones, Chainalysis finds

Organizations with ties to Russia and Iran are using cryptocurrency to procure low-cost military drones and components, according to a report from Chainalysis. The report noted that pro-Russian groups have raised more than $8.3 million since 2022. On-chain transactions have also been detected that match the approximate $2,200 price of drones from KB Vostok, a sanctioned Russian firm. These groups are increasingly using stablecoins over Bitcoin for their price stability. On the Iranian side, fund flows linked to the Islamic Revolutionary Guard Corps have also been identified, with inflows to associated wallets surging during the war.