Chainalysis
October 1, 2024
Chainalysis Unicorn News - October 01, 2024
Chainalysis has identified Russia as the most pervasive country using cryptocurrencies to evade sanctions. This includes efforts in disinformation and potential U.S. election interference. Experts discuss the implications and the sophisticated use of digital currencies for geopolitical leverage.
() Introduction
() Chainalysis Reports Russia as 'Most Pervasive' Country Using Crypto to Evade Sanctions
On October 1, 2024, Chainalysis executives disclosed significant information about Russia's increased use of cryptocurrency for various geopolitical activities. Ian Andrews, Chief Marketing Officer, revealed that Russia has intensified its cryptocurrency operations to evade sanctions, disseminate disinformation, and interfere in U.S. elections. Valerie Kennedy, Director of Intelligence Solutions, explained that this reliance on cryptocurrencies is partly due to the slow progress in developing Russia's central bank digital currency, which would have been their preferred method for cross-border transactions. Andrew Fierman, Head of National Security Intelligence, highlighted new Russian laws that facilitate the use of cryptocurrency for cross-border payments and the rise of Russian-language, non-KYC instant exchange services that help bypass international sanctions. Additionally, Kennedy noted the use of U.S.-based entities by Russian state-affiliated media to spread propaganda and the role of bot networks on platforms like Twitter to amplify Russian narratives. These developments underscore the sophisticated and strategic use of digital currencies and social media by Russia for geopolitical leverage.
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