Network for Sanction Evasion Discovered in Ukraine via Cryptocurrency Exchange

The State Financial Monitoring Service of Ukraine has uncovered a network for evading sanctions against Russia and financing terrorism, linked to a Ukrainian's account on a cryptocurrency exchange. Approximately $13,000,000 passed through this account, of which $3,500,000 is associated with sanctioned services in Russia and accounts affiliated with an international terrorist organization. The account owner resides in one of the EU countries. No traces of trading or investments were found on the account; it was used solely for money laundering. Assets were received from external cryptocurrency wallets, exchanges, and exchangers without verification. They were then sent to non-custodial wallets linked to Russia and Iran, including KSIIR. The account owner took measures to conceal their activities, including using a VPN. The agency claims that this individual is connected to 35 organizations in various jurisdictions, which may indicate a cross-border money laundering network. The materials have been forwarded to law enforcement for investigation.

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