Elliptic links crypto addresses to bad actors and Russia-based sanctioned actors
Russia seems to be in a very tough spot right now as the entire country has been under the effects of sanctions imposed by several nations around the around. Moreover, as time passes, the sanctions imposed are getting stricter and it seems that Russians are trying to use cryptocurrencies to get the job done, as per a report from Elliptic.
Report from Elliptic
The report from Elliptic, a London-based blockchain analysis provider founded in 2013, there are around 400 virtual asset service providers (VASPs), mostly exchanges, in Russia where cryptocurrencies can be purchased with Rubles, the native fiat currency of the nation. It is important to note that the report from the analytics firm tied several million crypto addresses to these exchanges most of which required no KYC or identification to use them.The report also stated that Elliptic has "directly linked more than 15 million cryptocurrency addresses to criminal activity with a nexus in Russia." This means that there is an increased number of Russians who are trying to launder their proceeds. Moreover, the report also stated that they "identified several hundred thousand crypto addresses linked to Russia-based sanctioned actors."
This goes beyond those included in sanctions lists to include other addresses that we have been able to associate with these actors through our own analysis.
Collaboration with govt agencies
Elliptic is also collaborating with government agencies to identify and investigate "crypto asset wallets believed to be linked to Russian officials and oligarchs subject to sanctions." As described in their post, the blockchain analytics firm said that "those responsible for enabling the brutal and illegal invasion of Ukraine cannot use crypto assets to hide their wealth."Just like Elliptic, Chainalysis, another blockchain analytics firm, has also brought two sanction screening tools that will be available for free. Moreover, they also launched an on-chain oracle and an API. However, the API will be coming in the next month while the oracle is already live.
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