Elliptic Reveals Sanctioned Russian Crypto Assets Worth Millions of Dollars

Analyst firm Elliptic said it had identified a cryptocurrency wallet allegedly linked to sanctioned Russian officials and oligarchs.

According to Bloomberg, the wallet holds millions of dollars worth of cryptocurrency assets. Information about him has already been handed over to the US authorities.

Elliptic co-founder Tom Robinson noted that these crypto-assets can be used to evade sanctions, but the question is on what scale this will happen.

“It is unrealistic that the oligarchs will be able to transfer all the wealth into digital currencies. They follow well. Cryptocurrencies can and will be used to circumvent restrictions, but this is not a panacea,” he added.

In addition, the Elliptic team discovered more than 400 virtual asset service providers (mainly exchanges) where cryptocurrencies can be purchased for rubles, linked over 15 million crypto addresses to the illegal activities of Russian entities, and identified several hundred thousand crypto wallets associated with sanctioned individuals and legal entities.

Robinson emphasized that in addition to the violations found, in general, the level of compliance with sanctions by participants in the crypto industry remains quite high.

On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.

The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.

The world community organized to help the refugees and the Ukrainian army. Only the crypto community has transferred billions of dollars to help Ukrainians.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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