North America remains the largest source of extremist crypto donations, but Europe’s rapid growth demonstrates shifting regional dynamics, analysts alarm.

Extremist groups worldwide are increasingly relying on crypto, with Europe seeing a concerning rise in activity, U.S.-based blockchain analytics firm Chainalysis warns. While North America still leads in overall contributions, amounting to over $20 million, Europe’s share has also grown sharply, especially since 2017, according to a Jan. 23 research report.

“Between 2022 and 2024, Europe’s share rose dramatically, commanding as much as nearly 50% of total inflows,” the report said. Chainalysis, which used including public sanctions lists and research from “organizations specializing in extremism and terrorism financing,” says the surge has been fueled by nationalist, anti-Semitic, and white supremacist groups, often tied to polarized political events like elections in France and the U.K.

“A concerning trend among ideological groups is the deliberate blending of ideologies to broaden appeal. For example, movements might combine homophobic rhetoric with white supremacist or pro-Russia themes, strategically attracting wider audiences by capitalizing on overlapping grievances and similar narratives.”

Chainalysis

Although the total inflows are growing, the average donation size has stayed relatively small, usually a few hundred dollars. However, the report notes that donor intensity is increasing, especially in Europe. Larger contributions often coincide with major political events, with donors either celebrating wins or reacting to losses.

Amid the growth, privacy coins such as Monero (XMR) are becoming a preferred method for some groups to avoid scrutiny in regions with strict hate speech laws, like Germany and Austria, Chainalysis warned, highlighting a growing challenge in tackling extremist funding globally.