The Office of Foreign Assets Control (OFAC) has escalated its enforcement efforts by tightening its grip on individuals and entities operating within the financial services and technology sectors in Russia, particularly those involved in virtual assets, enabling evasion of US sanctions. The enforcement agency claimed that these individuals and entities played a crucial role in...Read More
The largest US-based crypto exchange experienced a threefold increase in law enforcement requests in the current year compared to 2020, as revealed in its latest transparency report. The total number of requests during the reporting period amounted to 13,079, marking approximately a 6% rise from the previous year. Notably, the United States maintained its position...Read More
14 Ukrainian officials underwent specialized training in the investigation of modern financial crimes during a course held in Vienna, Austria, from November 14 to 17. The Organization for Security and Co-operation in Europe (OSEC) reported that a group of supervisory and law enforcement officials from Ukraine was exposed to advanced methods and tools essential for...Read More
In a significant step towards tackling cybercrime and bolstering global security efforts, the IRS Criminal Investigation (CI) recently collaborated with international counterparts to provide advanced training to Ukrainian law enforcement officers. The focus was on the intricacies of cryptocurrency and blockchain tracing. Strengthening Global Efforts Against Crypto-Enabled Crime Expanding on the previous successful cyber training...Read More
Ukraine’s Economic Security Bureau (ESB) is investigating local cryptocurrency exchanges. This action comes in response to the bureau’s discovery that unregulated exchanges operating in the country have led to a loss of 3 billion Ukrainian hryvnia (over $80 million) in uncollected taxes. Earlier, Ukrainian regulators voted to tax crypto gains 18% as of 2024. Meanwhile,...Read More
The US National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), Federal Bureau of Investigation (FBI), and the UK National Cyber Security Centre (NCSC), have released a joint report cautioning users to remain vigilant against recently discovered malware that is being deployed to target crypto wallets and exchanges. The advisory report unveiled a malware...Read More
A year after invading Ukraine, Russia’s military fundraising groups have raised millions of dollars in cryptocurrencies despite sanctions imposed by the U.S. and other countries. While it appears that Russian military procurement and disinformation groups have raised about $4.2 million, comparatively smaller than Ukraine’s over $212 million, research by blockchain analytics firm Elliptic has discovered...Read More
The US IRS has reportedly provided advanced training to Ukrainian law enforcement agencies in an attempt to detect illegal cryptocurrency transactions carried out by Russian oligarchs and companies. Numerous entities and experts have argued that Russia could employ digital assets to evade restrictions (imposed by the Western World after the start of the military conflict...Read More
One of the largest pharmacy chains in Ukraine – ANC Pharmacy – joined forces with Binance to enable customers to pay for medical products and supplies in cryptocurrencies. The exchange has provided its services to the war-torn country numerous times over the past several months. It donated $10 million worth of digital assets to Ukraine...Read More
Crypto adoption is shooting through the roof despite the bear market and uncertainty surrounding asset prices, according to recent findings from the leading decentralized application (dApp) analytics platform DappRadar. The analysis, dubbed the Blockchain Behavior Report, outlined major trends that affected the blockchain space in the last quarter, including regions where crypto adoption accelerated in both...Read More
The US-based cryptocurrency exchange – Kraken – joined the list of platforms restricting services to Russian consumers. The decision comes as a result of the latest sanctions that the European Union (EU) imposed on the largest country by landmass for its invasion of Ukraine. Other trading venues that have already ended ties with Russian users...Read More
A new study shows that over 18% of all crypto received by Eastern Europe comes from addresses associated with risky or illicit activity, far more than any other region. With the biggest news in the region being Russia’s invasion of Ukraine, both countries have seen a steady increase in cryptocurrency transfers. Prominent blockchain intelligence company,...Read More
Pro-Russian outfits have resorted to digital asset funds in a bid to support the war efforts against Ukraine while evading international sanctions. A new report suggests that these groups are raising a massive amount of Bitcoin and other cryptocurrencies via crowdfunding campaigns. According to Chris Janczewski, head of global investigations at TRM Labs, the blockchain...Read More
Chainalysis’ recent report, called “The 2022 Global Crypto Adoption Index,” revealed that digital asset adoption has slowed down in the past 12 months due to the crypto winter but remains above pre-bull market levels. The leader from 2021 – Vietnam – was placed first again, while the Philippines and war-torn Ukraine followed shortly after. Interestingly,...Read More
The United States Treasury Department added five cryptocurrency addresses to its sanctions blacklist. All wallets are connected to the Russian neo-Nazi paramilitary group – Task Force Rusich – that has participated in the Ukraine war. Prior to that, the Department sanctioned the Ethereum-based cryptocurrency mixer – Tornado Cash – and Blender.io (a software tied to...Read More
The leading global accounting firm – KPMG International – claimed in one of its recent reports that the cryptocurrency market has displayed growing maturity in the past several months. This comes despite the ongoing military conflict between Russia and Ukraine and the record inflation that spreads in some countries. It is also worth noting that...Read More
The United Nations Conference on Trade and Development (UNCTAD) believes the impact of cryptocurrencies should be limited in developing nations. According to the agency, digital assets are unstable financial products that could cause further issues to already shattered economies. Amid the global monetary crisis, numerous residents of emerging countries chose to convert their depreciating fiat...Read More
A study conducted by the United Nations (UN) determined that 8.5% of Kenya’s population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers. Kenyans’ Surging Appetite for Crypto Kenya – an...Read More
The Terra fiasco has had terrible consequences for numerous investors around the globe. One of them was reportedly the Ukrainian citizen – Yuri Popovich – who invested approximately $10,000 (all his family savings) into the stablecoin UST and had lost almost everything. UST and a Ukrainian Family Cryptocurrencies and stablecoins could be employed as an...Read More
The National Bank of Ukraine issued a statement on Thursday clarifying that cryptocurrency purchases using the native currency are temporarily banned. This is part of a wider effort to keep capital within the country’s borders while martial law is in place. Preventing ‘Quasi-Cash’ Transactions As the statement explained, assets that are directly convertible for cash...Read More
The European Union (EU) has imposed the fifth round of sanctions against Russia in light of its continuing war against Ukraine. The council has targeted cryptocurrency wallets as it aims to close potential loopholes in existing restrictions that could allow Russians to circumvent sanctions and move money. Fifth Round of Sanctions Against Russia In a...Read More
Chengpeng Zhao, aka CZ, CEO of Binance – believes that cryptocurrencies are a terrible option for evading sanctions. Cryptocurrencies have come in aid to the Ukrainian government as well as the several NGOs that have managed to secure donations to help the war-stricken country distribute emergency resources and push back against Russian invasion. However, concerns...Read More
As the war in Ukraine unfolds, the international cryptocurrency community has raised millions in donations to support its people. At present, the number of tallied funds raised for the invaded nation tops $100 million. Writing for Finbold Tuesday, Jordan Major noted: “Ukraine continues to receive a substantial influx of cryptocurrency contributions, with the value now...Read More
As the war between Russia and Ukraine continues and Western sanctions loom over the former, the country might accept Bitcoin for oil payments, according to some reports. Pavel Zavalny, deputy for the United Russia party in the 7th State Duma of the Russian Federation, was quoted saying that the country might accept Bitcoin for oil...Read More
Anonymous has hit the Russian Federation again by hacking its central bank and threatening to release thousands of sensitive documents. Additionally, the group continues to warn global companies that have not withdrawn from Russia to do so, otherwise, they could be hacked next. Anonymous Exploits Russia’s Central Bank It’s been precisely a month since Russian...Read More
The President of the European Central Bank, who’s safe to describe as a cryptocurrency critic, asserted during today’s conference that the institution has noticed digital assets are being used by Russians to bypass the sanctions imposed by the West. Shortly after Russia launched its military operation against Ukraine, the EU and NATO started imposing countless...Read More
Following the launch of Russia’s “special military operation” against Ukraine, which turned out to be an all-out war, NATO, the EU, and other countries decided to take a different approach and impose sanctions against Russia’s leaders and its economy instead of getting directly involved in the conflict. But it wasn’t just governments that went in...Read More
The count of citizens leaving their homeland in Ukraine because of the ongoing war with Russia continues to increase. Estimates from various sources put the number anywhere between 2.5 and 4 million. Data from CBS News points at roughly 3 million people leaving Ukraine. Another report hints that Portugal is shaping as a preferred destination...Read More
With the start of the war between Russia and Ukraine, cryptocurrencies have taken a few roles, being sent as donations to aid the attacked nation but also in speculations that Russian oligarchs used such assets to bypass sanctions. However, community insiders continue to refute these allegations, and the latest to do so was FTX’s founder...Read More
Russia’s central bank granted the country’s largest lender Sberbank a license to issue and exchange digital assets. The latest move opens new avenues for the nation’s economy hammered by western sanctions. The Approval According to the official statement, local companies will be able to issue their own digital assets to lure market investments, purchase digital...Read More
