As FTX and its disgraced founder, Sam Bankman-Fried’s courtroom drama continued to unfold in Manhatten, revealing astonishing details that led to the crypto giant’s unraveling, elsewhere, the trail of stolen funds from the exchange has been found to have a Russian connection. FTX filed for bankruptcy on November 11, 2022. Later that day, the exchange...Read More
As Binance exits the Russian cryptocurrency market, Russian clients are transitioning their trading activities to different platforms. However, CommEX, the company that acquired Binance’s Russian business, is encountering difficulties attracting these users. This migration has been accompanied by a notable drop in peer-to-peer (P2P) trading activity, with a decline ranging from 10% to 30%, according...Read More
Binance announced the sale of its Russian entity to a relatively unknown company called CommEX, the transaction of which raised several questions and concerns within the crypto community, primarily due to the limited information available about the company and its ownership. Moreover, CommEX was officially launched on Tuesday. To address these concerns and provide clarity,...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
The Bank of Russia is contemplating 2025 to be the year when the digital ruble, the local central bank digital currency (CBDC), may see widespread adoption in the country. This move indicates the central bank’s strategic approach to modernizing the payment landscape in the nation. Olga Skorobogatova, the first deputy governor of the Bank of...Read More
Russia is working on ways to legalize and regulate decentralized financial organizations, popularly known as DAOs, to bring more liquidity within the local Digital Financial Assets (DFA) market. The Director of the Department of Financial Policy of the Ministry of Finance, Ivan Chebeskov, made the comments at the Crypto Summit 2023. Russia Legalizing DeFi DAOs...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
Research conducted by the information service provider Bankinform estimated that many Russians are interested in the news surrounding the potential launch of a digital ruble. However, 32% are not in favor of such a monetary product, viewing it as some sort of scam. The world’s largest country by landmass has been among the most active...Read More
The world’s largest country by landmass is set to roll out a digital ruble next week after Russian President Vladimir Putin greenlighted the project on Thursday. The text of the bill amends Russia’s Civil Code to allow the digital ruble to be used for payments, while empowering Russia’s central bank to let real citizens use...Read More
Russia’s State Duma – the lower chamber of the local parliament – passed the digital ruble bill. The legislation defines rules surrounding the nation’s upcoming central bank digital currency, outlining the Bank of Russia as “the operator” of the project. The institution will also establish a range of users of the digital ruble platform, adjust...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 largest banking institution in Russia by assets value – Sberbank – will reportedly enable private investors to buy and sell digital currencies in the following weeks. The entity jumped on the bandwagon a few years ago, attempting to launch several cryptocurrency projects. For one, it sought approval to issue its own digital currency and...Read More
A Russian man has been charged by US authorities for his alleged connection to multiple ransomware schemes that netted him and other attackers nearly $200 million – much of which came through crypto. Some of the victims of those ransomware attacks included hospitals, schools, and police departments. $200 Million in Ransomware Payments The culprit –...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
As the intersection between cryptocurrency and geopolitical conflict gains prominence, the role of digital assets in 21st-century warfare is becoming increasingly clear. The Russia-Ukraine War serves as the most notable example thus far, with both parties employing cryptocurrencies to secure donations and fund their war efforts. A shadowy Bitcoin enthusiast has seemingly turned the tables...Read More
The cryptocurrency exchange – Bitzlato – enabled customers to withdraw up to 50% of their bitcoin funds stuck on the venue. The US Department of Justice (DOJ) closed the firm in January for allegedly processing more than $700 million worth of illegal funds and arrested its founder – Anatoly Legkodymov. Granting Some Access The company revealed...Read More
The US authorities alleged Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov – the founders of the dubious cryptocurrency investment platform Forsage – to have orchestrated a global pyramid scheme that conned investors with approximately $340 million. All defendants are charged with conspiracy to commit wire fraud and could receive a maximum penalty of...Read More
Blockchain intelligence company TRM Labs revealed that some major Russian-linked ransomware syndicates rebranded their activities in 2022 to avoid sanctions from Western countries. According to a new report published recently, the rebranding and other significant activities showed notable changes in the cybercrime space and darknet markets (DNMs) after Russia invaded Ukraine. Ransomware Operators Rebranded to...Read More
Several countries have been planning to explore stablecoins despite the initial reluctance and more recent implosion of Terra. The latest one to jump on the bandwagon is one of Australia’s four largest financial institutions – National Australia Bank (NAB). The new Australian dollar-pegged stablecoin created by NAB, dubbed AUDN, is set to be launched on...Read More
The Russian government and the Central Bank of Iran are reportedly mulling a partnership to create a new stablecoin that can facilitate cross-border settlements. The token will be pegged to the valuation of gold. The Mutual Operation According to a report by the Russian media outlet Vedomosti, the local authorities could collaborate with Iran’s central bank...Read More
Dmitry Medvedev – a Russian politician who served as President of the country between 2008 and 2012 – thinks 2023 could see the crash of the International Monetary Fund (IMF) and the World Bank. He suggested that such an event could reduce the power of the euro and the dollar and boost the usage of...Read More
A new report by Kommersant revealed that sales of Bitcoin mining machines in the country surged rapidly in the fourth quarter, a trend backed by a resurgence of demand, despite the chaotic price action of the crypto-asset. The substantial increase was also spurred by cheap equipment and electricity prices. Chilkoot, which happens to be one...Read More
Priorities change according to the events, and Russia’s president may be taking notice. In a recent speech at the Artificial Intelligence Journey 2022 international AI and machine learning conference, Vladimir Putin spoke of the advantages of using a global payment system based on blockchain technology. For President Putin, the primary advantage would be the ability...Read More
The lower chamber of Russia’s parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a “national crypto exchange.” The platform needs the approval of the country’s central bank and the Ministry of Finance. The Bank of Russia has previously shown its negative stance on the...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
On October 19, the United States Department of Justice (DOJ) accused two Venezuelan citizens and five Russians of using cryptocurrencies to launder money for Russian oligarchs by selling oil barrels from sanctions-hit Venezuela. According to the press release, the defendants smuggled millions of barrels of oil to Russia and China, laundering “tens of millions of...Read More
After CryptoCom, the crypto service platform – BlockchainCom – has announced plans to restrict Russia-based users. In an email to its users, the company notified that it will block the accounts of Russians. The move comes after the European Union’s (EU) eighth package of sanctions against Russia. According to the news agency RBC’s latest report,...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
The blockchain-based gaming company – Dapper Labs – stopped servicing all accounts with connections to Russia, but they are still able to access and view their non-fungible tokens (NFTs). The move comes as a result of the latest sanctions that the European Union imposed on Russia due to the ongoing military conflict with Ukraine. ‘Consistent...Read More
