• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
crypto
Nexo

Blockchain Forensics Firm Uncovers 15 Million Crypto Addresses Tied To Sanctioned Russians

Jet Encila by Jet Encila
2 months ago
in Bitcoin, Crypto News
0

A crypto forensics firm announced the discovery of information on a digital wallet believed to be associated with Russian oligarchs and sanctioned officials.

Tom Robinson, co-founder of Elliptic, disclosed Monday that the wallet has large digital asset holdings worth millions of dollars.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The blockchain security firm has been collaborating with law enforcement to expose cryptocurrency wallets associated with sanctioned individuals or corporate entities.

Related Article | Mexican Drug Cartels Sneak In $25 Billion A Year Using Bitcoin To Fund Operations

Illicit Crypto Wallet

Elliptic has discovered more than 15 million digital wallet addresses related with illicit activity in Russia, as well as “several hundred thousand” associated with sanctioned Russians and their accomplices, multiple reports revealed.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The discovery comes as Western governments fear that Russian oligarchs — who face sanctions for their country’s invasion of Ukraine — may utilize bitcoin, tether, and other privacy-enhancing coins to evade these financial “punishments.”

Nations Vs Russia

The United States, the European Union, Britain, and the Group of Seven (G7) nations all issued declarations last week stating that sanctions against Russia applied particularly to cryptocurrency.

BTC total market cap at $737.68 billion on the daily chart | Source: TradingView.com

In an interview with Bloomberg, Robinson said:

“Cryptocurrency can be used to circumvent sanctions… What is in dispute is the scale. It is proving implausible that oligarchs can entirely circumvent sanctions by transferring all their riches to crypto.”

Elliptic has found more than 400 digital currency platforms that enable anonymous users to exchange digital assets using the Russian currency, the ruble.

“Cryptocurrency is quite traceable. It may and will be used to evade sanctions, but it is not the silver bullet,” Robinson pointed out.

Robinson stated that ruble-related activity on some of the exposed services increased significantly in the week preceding the Russian attack on its neighbor.

Tornado Cash, a provider of anonymized Ethereum and ERC-20 transactions, is one such supplier that has refused to restrict services or abide by fines.

Related Article | US Creates New Crypto Task Force To Choke Flow Of Russian Billionaires’ Money

Last week, Brookings, a renowned US think tank, said that regulators should be more worried with privacy coins such as Monero and Zcash because of their anonymizing features that make them more difficult to track.

Crypto’s Critical Role During Crisis

Despite requests from Ukrainian officials, major US cryptocurrency exchanges such as Coinbase Global and Kraken have agreed to conform to the imposed sanctions but have no intentions to block all users based in Russia.

Ukrainians and ordinary Russians have turned to cryptocurrency as their countries’ banking and payment systems have been impacted by the conflict. Ukraine has also successfully raised millions of dollars in digital assets to bolster its defensive measures.

Meanwhile, Bitcoin was trading at $38,700, an increase of 0.5% over the previous 24 hours. Ethereum was trading at $2,545, shedding 1.08% from the previous day.

Featured image from Coin News, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Crypto.com

Crypto.com Steps Up To Boost Security And Privacy Studies Via Donations

5 hours ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

8 hours ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

10 hours ago
South Korean Regulators Introduce New Licensing Frameworks To Protect Cryptocurrency Investors

South Korean Regulators Introduce New Frameworks To Protect Cryptocurrency Investors

13 hours ago
Crypto

Now You Can Pay In Crypto And Buy A Tag Heuer Watch Online

20 hours ago
Ripple

Ripple To Fund The Acceleration Of Global Carbon Markets; Dedicates $100M

21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.