Elliptic Report Exposes Russian Crypto Exchanges Dodging Western Sanctions
Blockchain analytics firm Elliptic has identified five Russia-linked cryptocurrency exchanges allegedly facilitating sanctions evasion. These platforms are processing high-volume transactions outside traditional financial oversight, undermining global enforcement efforts.
Bitpapa, a peer-to-peer exchange already on the US Treasury's sanctions list, showed 10% of outgoing transactions involved blacklisted entities. The platform frequently rotated wallet addresses, suggesting deliberate attempts to avoid detection.
Moscow-based ABCeX processed over $11 billion in crypto transactions despite no current sanctions. Significant volumes flowed through ABCeX to previously shuttered platforms like Garantex and Aifory Pro, revealing persistent vulnerabilities in sanctions enforcement.
