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Russia, With Bitcoin Playing Bit Part, Tried to Hack 2016 US Election, Senate Report Finds
Bitcoin may have been the salacious pretext to Marina Butina's fling with Patrick Byrne.
By Danny Nelson
Updated Sep 14, 2021, 9:45 a.m. Published Aug 18, 2020, 4:32 p.m.
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The U.S. Senate Select Committee on Intelligence highlighted bitcoin's limited role in Russia's 2016 election hacking campaign in a report that reaffirmed the U.S. intelligence community's conclusion the Kremlin worked to put Donald J. Trump in the White House in 2016.
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- Released Tuesday in redacted form, the final report added new details and accusations to U.S. authorities' broad-based belief that Russia used disinformation, hacking and tactical leaks to bolster then-candidate Trump's presidential bid.
- But it also revealed the sometimes salacious role cryptocurrency played in helping the Russians execute their influence campaign.
- For example, the report suggests jailed Russian spy Maria Butina, whose fling with Overstock CEO Patrick Byrne led to the crypto booster's August 2019 ouster, may have attended a 2015 libertarian convention discussion on bitcoin that Byrne led.
- "[Byrne's] remarks about the coming 'electronic' changes in our 21st century economy were exciting," read a draft email between businessman Paul Erickson and Butina that the committee obtained.
- Butina told the committee that "someone was talking about bitcoin, and there were some ideas that I wanted to discover" at the conference, but never specifically named Byrne.
- The write-up also reiterated crypto allegations previously revealed in past reports and indictments, including those released in the wake of the report by Special Prosecutor Robert Mueller.
- Bitcoin payments paid for the "DCLeaks.com" domain that hosted leaked DNC emails, as well as the virtual private servers Russia's GRU used during their spear-phishing campaign, the report said.
- That bitcoin was new, too: The Russians are said to have mined it themselves.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
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- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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