Analytical company Chainalysis announced the launch of new tools to identify cryptocurrency wallets subject to sanctions.
This announcement came amid growing political and media attention to the possibility of Russia using cryptocurrencies to circumvention of the sanctions imposed against it.
Chainalysis stated:
«Given the transparency of the blockchain, it would be difficult for the Russian government and the financial elite to discreetly and systematically circumvent nationwide sanctions with the help of cryptocurrencies. However, as is the case with the traditional financial system, some sanctioned Russian individuals may try to use cryptocurrencies as a means of circumventing the sanctions”.
Chainalysis oracles launched today, which are smart contracts that identify sanctioned Ethereum wallets and EVM-compatible networks such as Polygon and Avalanche.
Later this month, the company plans to release a free API that will allow the public to identify sanctioned wallet addresses from all networks. A company representative confirmed to The Block the inclusion of BTC and LTC wallets, which, along with ETH, appear on the sanctions lists with the highest frequency.
Chainalysis provides blockchain tracking tools to government agencies and law enforcement, and also helps crypto-currency companies, such as exchanges, identify high-risk wallets.
In particular, despite the fact that financial institutions are prohibited from dealing only with certain financial institutions and specially designated nationals of the country , due to the continuation of operations in Russia, cryptocurrency exchanges have come under scrutiny.
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