Comment
Author: Admin | 2025-04-28
So with some infrastructure that allows anybody to transact on your platform doesn’t require any KYC information. No, no. You know, real information is required to be provided. And what you can do is you can either swap crypto for crypto, so you can go take Bitcoin and move it to Ethereum. But you can also in a lot of these Russian language instant exchange services, on or off ramp your sanctioned Russian bank money. So essentially, the way this works, you log onto the site, you click that you have money at sanctioned Russian bank A and you attach your bank account at that bank, you transfer rubles over to the instant exchange, and you give a cryptocurrency address that you’d like them to send the crypto equivalent of the amount of rubles you’ve sent in then on chain, where it becomes challenging is that all you’re seeing is a transfer to a wallet from one of these Russian instant exchanges from, you know, in whatever cryptocurrency it is, you’re not seeing the off ramp or the on ramp side of it, which is the sanctioned Russian bank having been used to facilitate that activity. And maybe a teaser for our upcoming crime report. But you know, we see, you know, hundreds of millions of dollars a year being processed through these types of instant exchangers and so. So while this is not at scale, it’s certainly not an insignificant number. Great.EitanI mean, it certainly sounds like to make sure I’m understanding, you know, why you can’t run the entire economy. There’s a lot you can do still to move funds around. And you know, not only between the central bank esque kind of players, but larger, larger denominations than just a retail user. Is that right?AndrewYeah, and we’ve actually seen this as a result of some of the interesting sanctions that have happened this year involving Russia. One that comes top of mind to me was an entity by the name KB Vostok, and it’s a Russian drone manufacturer that sells a drone that costs, you know, give or take, 2000 USD for each drone. And. And they explicitly state on their own website that their job is to create drones to service the Russian military economy, right? So if you can imagine who might be paying a company like that, my best guess would be that it’s likely you know Russia safe to say, safe to say, right? And while this drone operator only, you know, had received a total of $40,000 most of those transactions were in you’d guess it surprised denominations of roughly $2,000 and when you look at the wallet that’s sending funds to them, that wallet has $40 million that it’s processed. Now we’re talking about someone a little bit more significant in scale, in an operation that is operating on the blockchain has a lot of exposure to guarantees, which, again, sanctioned Russian crypto exchange. So certainly, it has the hallmarks of
Add Comment