As a seasoned researcher with extensive experience in investigating disinformation campaigns and their funding sources, I find the use of cryptocurrencies in such activities to be a significant concern, especially as we approach the 2024 global elections that will impact half the world’s population. The ability to hide transactions and evade detection makes crypto an attractive choice for malicious actors seeking to disrupt democratic processes.
As an analyst, I’ve observed a troubling trend: malicious actors have grown more sophisticated in their use of crypto-linked disinformation campaigns to disrupt elections, most notably during the 2020 voting process. Given that the upcoming 2024 global elections will impact nearly half the world’s population, it is crucial for us to proactively identify and address these campaigns to safeguard democratic processes from interference.
After examining the behaviors and digital footprints of disinformation spreaders, Chainalysis identified one particular media outlet as Russia-based SouthFront. This outlet was previously sanctioned by the Office of Foreign Assets Control (OFAC) in April 2021 for its role in interfering with the US 2020 presidential election under Russian government direction.
SouthFront’s Disinformation Campaign Funded by $27K in Crypto
The Russian intelligence agency, specifically the Federal Security Service (FSB), manages SouthFront, which caters to military aficionados, ex-military personnel, and conspiracy theorists. However, it keeps its Russian origins hidden with great care.
SouthFront requests cryptocurrency contributions to fund its activities. Its website provides instructions for contributors on how to safely send crypto to the organization. To ensure privacy, it’s recommended that donors transfer funds directly from their personal or unhosted wallets instead of using intermediary services. This helps bypass detection from cryptocurrency exchanges that implement Know Your Customer (KYC) policies.
Since July 2018 up to the present, SouthFront has taken in approximately $27,000 worth of cryptocurrency, primarily in Bitcoin. The group remains active, soliciting contributions and converting them via both authorized platforms such as Garantex and mainstream exchanges. Their donation platform indicates they have amassed around $1,260 since June 1st, accounting for roughly a quarter of their monthly expenses.
In a statement to CryptoPotato, Chainalysis said,
As a crypto investor, I can tell you that carrying out malicious interference campaigns is no small feat. It necessitates a substantial infrastructure. Some nefarious individuals mistakenly believe that crypto transactions are anonymous and untraceable, which leads them to pay for these technology services using cryptocurrencies, with the hope of concealing their illicit activities.
Iran’s Growing Cyber Influence Operations
According to Chainalysis’ findings, Russian entities are not the only ones engaging in malicious influence campaigns. In fact, Iran has been increasingly active in this sphere in recent years, utilizing cyber means to advance its political agenda.
The news platform Islamic World News (ISWN), which collaborates with SouthFront, is believed to be affiliated with Iran’s Revolutionary Guard Corps (IRGC). They manage militaristic social media accounts, such as on Telegram, where they disseminate pro-Iranian regime and military messages.
Open-source investigations and on-chain transactions indicate a potential link between ISWN and SouthFront. This entity solicits contributions in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), Tron (TRX), and Shiba Inu (SHIB). Analysis by Chainalysis reveals that transactions from SouthFront and ISWN to exchanges could signify an attempt to exchange cryptocurrencies for traditional currency.
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2024-07-24 16:06