Chainalysis most recent report highlighted ongoing money laundering and ransomware operations in Russia. The report also highlighted the massive number of these criminals in the country’s financial capital, Moscow City. Money laundering increased in 2021 compared to 2020, but Russia, in particular, was responsible for a large portion of it.
In the last three years, over $700 million in cryptocurrency has been sent to crypto businesses from illegitimate addresses. Scams and darknet market transactions accounted for 88.7% of all sources, totaling approximately $609 million. In 2021, over 74% of all ransomware income worldwide had some connection to Russia. EvilCorp was responsible for 9.9 percent of that 74 percent on its own.
Interestingly, the Federation Tower, which is also one of the most famous buildings in Russia, holds the majority of the cryptocurrency firms that have been facilitating extensive money laundering as well as accepting funds from bitcoin criminal-related addresses. Approximately $150 million in illegal funds have been recorded moving to and from these firms. In the first half of 2021, the majority of these illicit funds were obtained through Darknet market activities.