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Russian Entities Using Kyrgyzstan’s Crypto Industry to Evade Sanctions: Report
Russian Entities Using Kyrgyzstan’s Crypto Industry to Evade Sanctions: Report
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BTCCSquare news:
Russian individuals and groups are leveraging Kyrgyzstan's cryptocurrency ecosystem to circumvent international sanctions, according to a report from blockchain intelligence firm TRM Labs. The analysis reveals that Kyrgyzstan, which had virtually no crypto industry before Russia's 2022 invasion of Ukraine, now serves as a front for platforms linked to the shuttered Russian exchange Garantex.
TRM Labs identified nearly all of Kyrgyzstan's crypto activity as Russia-linked, highlighting the country's political vulnerabilities to illicit financial flows. The findings are based on transaction patterns between Russian entities and Kyrgyz-registered platforms, including transfers of the A7A5 stablecoin.
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