Report Reveals Crypto’s Growing Role in Funding Election Disinformation

A recent report by blockchain analytics firm Chainalysis highlights the growing role of cryptocurrency in funding online disinformation campaigns targeting elections.

The investigation reveals that disinformation websites are increasingly soliciting crypto donations to support their activities. For example, SouthFront, a Russia-based site sanctioned by the US Treasury in 2021, received $2,700 worth of crypto from a single donor.

The report also shows that some donors contribute to multiple disinformation campaigns, including extremist groups.

Chainalysis notes that crypto is used not just for donations but also to purchase services that enhance the reach of false information. This includes buying fake social media accounts and phone numbers, with one service alone handling $7.7 million in Bitcoin.

Additionally, sites that accept Bitcoin payments are used to host stolen content, like the 2016 Clinton campaign emails, and “bot farms” sell fake social media accounts to amplify false narratives.

As the 2024 election approaches, these findings underscore the importance of scrutinizing the use of crypto in disinformation efforts. The ease and relative anonymity of crypto transactions make it a favored tool for those aiming to influence public opinion.

Voters should be cautious of online content, and lawmakers must consider how crypto interacts with the fight against misinformation.