Ukraine Targets 60 Crypto Wallets in War Finance Crackdown – Who’s Next?

Kyiv turns blockchain sleuth as authorities expose digital war chests.

Subheader: The Hunt for Hidden Billions

Ukrainian cyber units just pulled back the curtain on 60 cryptocurrency operators allegedly fueling the conflict—proving war finance got a Web3 upgrade. No more Swiss bank accounts; today's shadow funds move in USDT and BTC.

Subheader: Guns, Ammo, and Algorithmic Obfuscation

Chainalysis meets counterintelligence as investigators follow the crypto crumbs. Mixers? Bridges? Try tracing bullets back to Binance wallets. (Cue Wall Street bankers crying into their 2% yield savings accounts.)

Subheader: The New Frontline Isn’t on a Map

When your adversary can fund tanks via Tornado Cash, sanctions lists start looking like antique roadshows. Ukraine’s digital forensics team just rewrote the playbook—and every autocrat’s accountant just got queasy.

Sanctions Span Exchange Miners And Issuers

According to the decree, five crypto exchanges are accused of moving funds for sanctioned Russian entities. Nineteen mining operations have been caught processing coins linked to sanctioned individuals.

Ukrainian President Zelensky has sanctioned 60 companies aiding Russia’s sanctions evasion via crypto, including 55 from Russia and others from Cyprus, Kazakhstan, and the UAE. The MOVE targets mining, exchange, and payment firms as Ukraine seeks to block Russia’s growing use of…

— Wu Blockchain (@WuBlockchain) July 7, 2025

Seventeen platforms that issue digital assets already under US restrictions are now blocked in Ukraine. Another 19 companies—from makers of payment terminals to brokers arranging international transfers—face asset freezes and activity bans.

Ukraine didn’t stop at companies. The sanctions list also names 73 individuals, all Russian citizens, including high‑ranking central bank officials.

Based on reports from Ukraine’s National Security and Defense Council, these measures will be shared with allies like the EU and the US. That way, they can mirror the bans and tighten the grip on every channel Russia uses.

Coordination With Allies Aims To Close Loopholes

Vladyslav Vlasiuk, Ukraine’s commissioner for Sanctions Policy, said Kyiv will urge its partners to adopt matching rules. The goal is to close every loophole Russia uses to fund its military.

Zelenskyy revealed that one single firm moved “several billion dollars” since January to support Russia’s military‑industrial complex. That figure shows why digital channels have become critical for sanctioned players.

Based on reports by the Financial Times and the Centre for Information Resilience, Russia’s crypto use is on the rise. A new stablecoin called A7A5, pegged to the ruble, moved over $9 billion in just four months on the Grinex exchange.

More than 12 billion A7A5 tokens now float in circulation, backed by roughly $156 million in reserves held at the US‑sanctioned Promsvyazbank. Only a few wallets handled most of that volume, showing how a small group can steer vast sums.

Meanwhile, five non‑Russian companies also made the list: Token Trust Holdings Limited in Cyprus, EXMO RBC Limited in Kazakhstan, AWX Solutions and Crypto Explorer DMCC in the UAE, and Bitpapa IC FZC in the UAE.

All five are already under US restrictions. Their inclusion highlights how sanctions evasion often relies on a global network of service providers.

Featured image from Unsplash, chart from TradingView