Chainalysis co-founder: Russians do not turn to cryptocurrencies to evade sanctions

Jonathan Levin reported that the company is tracking users who seek to circumvent the restrictions

22.03.2022 - 14:00

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What’s new? Chainalysis co-founder and chief strategy officer Jonathan Levin spoke about new tools designed to help cryptocurrency firms and financial institutions enforce sanctions. In an interview with Bloomberg, Levin said that there has been discussion among exchanges about the amount of evidence that Russians could potentially use cryptocurrency to circumvent restrictions.

Interview with Bloomberg

What does Levin say? In order to track those who potentially seek to circumvent sanctions, measures are being taken to monitor such cases. The strategy director added:

“We’re looking at all of the entry points and exit points from the Russian economy into cryptocurrencies and tracking sort of changes in liquidity changes in volumes different patterns of transactions to really understand there has there been a systemic change in the way in which people are using cryptocurrency in Russia and potentially evading sanctions.”

What had happened before? Chainalysis has unveiled new software to track sanctioned crypto wallets. The company’s representative confirmed the inclusion of the BTC, LTC, and ETH wallets appearing on sanctions lists with the highest frequency.

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