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The Role Of Bitcoin In The Russia-Ukraine WarAbstract. Purpose � This study examine the response of liquidity of Bitcoin and Ethereum to the Russia-Ukraine war in an event study context and investigate. Finance typically plays a major role in wars, but the Russia-Ukraine war is the first major conflict with a prominent role for cryptocurrencies. Chainalysis found a direct, aggressive usage of Bitcoin for counterintelligence through the unusual weaponization of the OP_RETURN field.
