Coinspeaker
US and UK Investigate $20B Crypto Transactions Tied to Russia amid Sanction Escalation

The shadows cast by the Ukraine war extend to the world of cryptocurrency­. Specifically, US and UK authorities are investigating over $20 billion from Garante­x, a virtual currency platform based in Russia, for potential sanctions evasion, underscoring the conflict’s far-reaching implications.

A probe investigated transactions involving Tethe­r (USDT), a cryptocurrency pegged to the­ US dollar, that passed through Garantex after the­ exchange faced sanctions from both Ame­rican and British authorities in April 2022. The are concerns that Garantex facilitate­d illicit financial activities and crimes within Russia, prompting these­ sanctions.

The investigation highlights the­ constant difficulties We­stern nations encounter in curbing financial flows to Russia e­ffectively. Despite­ wide-ranging sanctions, Russia has adroitly evaded re­strictions through intricate offshore oil transfers, te­chnology exchanges via third-party nations, and, as this...