The analytical company Elliptic has released a report in which it described how Russia uses cryptocurrencies to circumvent economic sanctions. The company has been operating since 2013 year and to the best of its ability contributes to the fight against money laundering and sanctions evasion using cryptocurrencies.

Elliptic conducted data analysis and investigation to gain insight into Russia’s actions, including possibly locating assets owned by Russian citizens on sanctions lists . The firm’s specialists have identified more than 400 virtual asset service providers where users can buy cryptocurrencies for rubles (turnover on these platforms has tripled in a week).

Millions of cryptocurrency addresses have been associated with these companies. Almost all of their services were anonymous and unregulated. Elliptic has linked more than million cryptocurrency addresses to Russia-related criminal activity. They also identified thousands of addresses associated with sanctioned Russian entities.

The company promised to take a serious look at cryptocurrency wallets allegedly linked to sanctioned Russian officials and oligarchs. . They cooperate with government agencies and other organizations to ensure that these comrades cannot use cryptocurrency assets to hide their income.

In conclusion, Elliptic promised everyone a bright cryptocurrency future under the supervision of the Big Brother:

“Now we have the opportunity to demonstrate that a financial system based on cryptocurrencies – with the right control and protection – will be more secure , fair and less prone to abuse than the one that is now.”

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