Cryptocurrency news

Analytical Firm Detected! This Is How Russian Officials and Oligarchs Might Be Avoiding Sanctions

This is how Russian officials and oligarchs appear to be evading sanctions, according to a statement by analytics firm Elliptic.

Analytical Firm Detected! This Is How Russian Officials and Oligarchs Might Be Avoiding Sanctions

While tensions between Russia and Ukraine continue, many countries, banks and companies continue to impose sanctions against Russia. Therefore, Russia may have turned to cryptocurrencies to escape these investments .

So much so that crypto analytics firm Elliptic said in a statement that it informed authorities about a digital wallet that could be linked to Russian officials and oligarchs.

Crypto Wallets Linked to Russian Officials and Oligarchs Detected

Cryptocurrency analytics firm Elliptic has found that due to the ongoing Russia and Ukraine crisis, Russian officials and oligarchs may have turned to cryptocurrencies to evade sanctions .

So much so that Elliptic announced in its statement that it informed the authorities about a digital wallet that may be linked to Russian authorities and oligarchs.

Elliptic co-founder Tom Robinson said in an interview Monday that the wallet holds millions of dollars’ worth of “significant cryptoasset assets .”

The finding came amid a heated debate over whether cryptocurrencies could be used to evade additional sanctions on Russian oligarchs and officials since Russia’s invasion of Ukraine.

With authorities confiscating oligarchs’ yachts and offshore fiat assets, some worried they would turn to Bitcoin, Tether, and privacy-providing assets.

In the continuation of his statements, Robinson stated that cryptocurrencies can be used to avoid sanctions. The important thing here is what kind of scale it will be.

It is not realistic for oligarchs to completely circumvent sanctions by pouring all their wealth into crypto. Because cryptocurrencies are highly traceable.

Elliptic , whose clients include government agencies and crypto exchanges, has identified more than 400 virtual asset services that allow their mostly anonymous users to buy crypto with rubles. Robinson said last week that activity on these exchanges tripled in late February from the week before the start of the war.

Over 15 Million Addresses Linked

Elliptic has also linked more than 15 million cryptocurrency addresses to criminal activities linked to Russia. Robinson also said he found several hundred thousand crypto addresses linked to Russia-based sanctioned actors and their partners.

Binance’s Coinbase Global Inc. Cryptocurrency exchanges said they would comply with the imposed sanctions. Both exchanges said they will not stop serving all Russian customers.

In addition, Robinson said in his statements about the sanctions;

“Overall, the level of compliance with enforcement is very high.”

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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