Millions of dollars in cryptocurrency were found in a sanctioned wallet

Cybersecurity experts have identified more than 15 million addresses associated with criminal activity in Russia

15.03.2022 - 11:10

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1 min

What’s new? Elliptic, a UK-based blockchain security and forensics company, has discovered a wallet with “significant crypto-asset holdings” in the millions of dollars, the exact amount has not been disclosed. The digital assets are allegedly owned by Russian officials and oligarchs under sanctions. Bloomberg reports that Elliptic has also identified more than 15 million crypto addresses associated with criminal activity in Russia.

Bloomberg’s material

How does the company’s representative comment on the situation? Elliptic CEO Tom Robinson stated that Russia could be using cryptocurrency to evade sanctions. Robinson added that the extent of cryptocurrency use is in question:

“It’s not proving out realistic that oligarchs can completely bypass sanctions by moving all their wealth into crypto. Crypto is highly traceable. Crypto can and will be used for sanctions evasion, but it’s not the silver bullet.”

The US Financial Crimes Enforcement Agency (FinCEN) had earlier issued a similar statement. The regulator asked financial institutions to report any attempts by Russia to evade sanctions.

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