WARNING: CYBER WAR TO CONTINUE DURING UKRAINE-RUSSIAN WAR IN 2022

Crypto-cyber war may exacerbate the current Ukraine-Russia conflict

In the midst of the Ukrainian-Russian conflict, there was a possibility of a crypto-cyber war occurring at the same time in both countries. Cyberattacks in cryptocurrency market are highly popular and common to steal coins from crypto wallets through multiple cyber frauds. But, in the present situation, physical war, as well as crypto cyber wars, can drastically affect the economy of both countries for a long period of time. Meanwhile, there are millions of dollars of crypto donations to help the countries and victims.

According to reports, Russia is able to leverage cryptocurrencies as a means to evade sanctions during the ongoing Ukraine-Russia war. the sanction power can let Russia reap the benefits of the integration with the global financial system. Popular political analysts have claimed that this situation can give rise to multiple crypto frauds and cyberattacks in the cryptocurrency market. There are also active ransomware groups that have posted their full support to the Russian government. Thus, they can impose any kind of cyber war like crypto cyber war and other methods on Ukraine to start a digital war as well.

A popular cyber fraud or crypto fraud group known as Conti had earlier expressed that it will use all kinds of possible resources to strike back at the critical infrastructure of an enemy if anyone wants to start a crypto cyber war or any cyber war against Russia. Later on, it claimed that the group does not ally with any government while condemning the current Ukraine Russian war.

It has been speculated that the number of crypto frauds or cybercrimes will increase because Russia can look out for different ways to overcome the huge losses and earn some revenue for the country. The crossovers between two countries’ cybercriminal groups can enhance the tension between Ukraine and Russia.

Meanwhile, Ukraine has successfully raised US$35 million through avid crypto donations to stand up and face the ongoing war with Russia. The government has radically expanded the different kinds of cryptocurrencies including Dogecoins, Solana, NFTs, Ethereum, and many more to accept crypto donations. These crypto donations will help in paying for military equipment, charity, and reliefs. But, they are expecting some of the dangerous crypto frauds and cyberattacks in the cryptocurrency market for the Ukraine invasion in the digital world. The cryptocurrency market has played a key role in the ongoing Ukraine Russian war.

Thus, these two countries are facing a crypto cyber war as well as a military war for evading financial sanctions. Some crypto frauds can seek weak links, as well as some, can bypass restrictions on financial bodies through sanctions. The Ministry of Digital Transformation of Ukraine has asked eight cryptocurrency exchanges to block services to Russian users for the possible sanctions. But, Binance and others have announced that it will not block accounts of all innocent Russians, but will block those whose main aim is to sanction.