Report: Millions of dollars of digital currency in a person’s wallet have been sanctioned



An analytical company recently found that millions of dollars of digital currency are stored in portfolios that are said to have been sanctioned by international authorities. The institute says the portfolio may be linked to a Russian employee or investor.

According to Kevin Telegraph, Elliptic, China’s blockchain institute for data analysis and security, has recently worked with various authorities to uncover portfolios belonging to sanctioned individuals or organizations.

The British-based company has opened a multi-million dollar portfolio with “significant digital assets” that may belong to sanctioned Russian employees and investors.

Tom Robinson, co-founder of the Elliptical Institute, said in an interview with Bloomberg on March 14 that Russia could use digital currencies to avoid sanctions. But now almost all experts agree that Russia is unlikely to use digital assets to circumvent sanctions. Existing reports also confirm this.

It is worth mentioning that these reports do not specify the exact value or nature of digital assets in open portfolios.

“The dimensions of the use of digital currencies to circumvent sanctions are unclear,” Robinson said.

It is unrealistic for Russian investors to be able to turn all their wealth into digital currencies and completely circumvent sanctions. Digital currencies are fully traceable. These assets can be used to avoid sanctions, but they are not the best solution.

Elliptic has so far identified more than 400 digital currency services that allow anonymous users to trade their assets in rubles. The company also found that more than 15 million addresses were linked to criminal activities attributed to Russia.

Robinson added that a week before the start of the war, ruble-related activities had increased on some of these platforms. Tornado Cash, for example, the atrium transaction mixer, which can anonymously transfer digital currencies based on the ERC-20 standard, has so far refused to limit its services or comply with sanctions.

Robinson points out that many institutions are following sanctions, and even well-known exchanges such as Kevin Bass and Bynans have agreed to comply with sanctions imposed by international authorities.

Elliptic also monitors the amount of digital currencies donated to Ukraine from the beginning. The company’s latest report on March 11 shows a total of $ 63.8 million in digital currency sent to the Ukrainian government and a non-governmental organization that supports the Ukrainian military.

However, digital currencies donated to Ukraine cost much more, about $ 93.6 million, according to a report published by the Merkle Research Institute, which uses multiple sources.

The publication Report: Millions of dollars of digital currency in the portfolio of a sanctioned person appeared for the first time in digital currency.

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