A crypto forensics outfit revealed the finding of information on a digital wallet linked to Russian billionaires and sanctioned officials. The blockchain security company working with law enforcement revealed bitcoin wallets linked to sanctioned persons or corporate organisations.
Unauthorized crypto wallet discovered by forensic firm Elliptic
Elliptic uncovered over 15 million digital wallet accounts involved with illegal behaviour in Russia, and also “many hundred thousand” affiliated with banned Russians and their collaborators, according to several sources. The report comes from a fear that Russian billionaires, who face sanctions for their country’s invasion of Ukraine, may use bitcoin, tether, and other privacy-enhancing currencies to avoid these financial “punishments.”
Nations Vs Russia
Last week, the US, the European Union, the UK, and the Group of Seven (G7) nations all released declarations indicating that sanctions on Russia extended specifically to bitcoin.
Elliptic discovered over 400 digital currency platforms that allow anonymous users to swap digital assets for the Russian ruble.
Brookings, a respected US think group, stated last week that authorities should be more concerned about privacy coins such as Monero and Zcash due to the anonymizing characteristics that make them tough to monitor.
Role of Crypto in a Crisis
Ukrainians and Russians have resorted to cryptocurrencies, as their nations’ banking and payment infrastructures have been harmed by the war. Ukraine has also raised millions of dollars in digital assets to improve its defences.
In the meantime, Bitcoin was trading at $38,700, a 0.5 percent raise over the previous 24 hours. Ethereum was trading at $2,545, down 1.08 percent from the day before.
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