CandleFocus Chainalysis: Russia Is Loudest and 'Most Pervasive' Country Using Crypto to Skirt Sanctions
2024-10-01
Author: Content Editor
According to executives from blockchain analytics firm Chainalysis, Russia has been utilizing cryptocurrencies for activities such as sanctions evasion, disinformation campaigns, and interfering in elections. The firm's chief marketing officer, Ian Andrews, stated that Russia has become an international force in using cryptocurrencies for various purposes, including ransomware attacks and targeting US elections. Valerie Kennedy, the Director of Intelligence Solutions, mentioned that due to the slow development of a central bank digital currency in Russia, they have resorted to using different types of cryptocurrencies. The experts also highlighted the rise of Russian-language, non-KYC instant exchange services that allow individuals to connect accounts from sanctioned Russian banks, bypassing international sanctions. Additionally, they discussed the role of Russian state-affiliated media firms, bot networks, and the messaging app Telegram in spreading propaganda and facilitating illicit communications and transactions. The experts stressed the importance of heightened vigilance, international cooperation, and comprehensive monitoring in addressing these challenges.
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