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Russia increases crypto use for sanctions evasion and influence

Russia increases crypto use for sanctions evasion and influence

GrafaGrafa2024/10/02 01:25
By:Isaac Francis

Russia has increasingly turned to cryptocurrency to evade sanctions, spread disinformation, and interfere with elections, according to blockchain analytics firm Chainalysis. 

In a discussion shared on October 1, Chainalysis executives detailed Russia’s growing reliance on cryptocurrencies like Bitcoin (CRYPTO:BTC) for activities ranging from sanctions evasion to ransomware attacks. 

Ian Andrews, Chief Marketing Officer at Chainalysis, highlighted that Russia has become a significant force in using cryptocurrency for international sanctions evasion and disinformation campaigns, especially during the U.S. elections. 

Valerie Kennedy, Director of Intelligence Solutions at Chainalysis, noted that Russia’s reliance on cryptocurrencies indicates desperation due to the slow development of its central bank digital currency (CBDC), forcing the country to use alternative digital currencies. 

New laws in Russia allow the Central Bank to regulate cryptocurrency use for cross-border transactions, a move seen as a response to international sanctions. 

According to Andrew Fierman, Chainalysis’ Head of National Security Intelligence, Russia has also embraced non-KYC instant exchange services, enabling individuals to bypass sanctions by converting fiat to cryptocurrency through unregulated platforms. 

In addition to sanctions evasion, Russia has also used crypto in disinformation efforts. 

Russian state-affiliated media have funneled millions into U.S.-based entities to spread propaganda, with bot networks amplifying these messages on platforms like Twitter. 

Kennedy highlighted that these networks often use bulk-purchased social media accounts, which can be bought for as little as 10 cents each, making large-scale disinformation efforts more accessible. 

Experts also noted the role of Telegram in facilitating illicit communications, including fundraising for militia groups using cryptocurrency. 

With elections approaching, experts emphasized the need for increased vigilance and international cooperation to address the growing use of cryptocurrencies for malicious purposes by Russia and other countries like China and Iran. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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