Elliptic Identifies Russian Crypto Assets Affected by Sanctions

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Analytical company Elliptic has said it had turned over information to US authorities about a digital wallet allegedly linked to sanctioned Russian officials and oligarchs, Bloomberg has learned.

According to the company co-founder Tom Robinson, the wallet stores millions of dollars worth of crypto assets. He has said:

“Crypto assets can be used to evade sanctions. It’s about the scale. It is unrealistic that the oligarchs will be able to transfer all the wealth into digital currencies. They follow well. Cryptocurrencies can and will be used to circumvent restrictions, but this is not a panacea.”

The Elliptic team has taken the following actions in support of the efforts of the authorities to comply with the sanctions regime against Russia. According to the company, it has identified more than 400 virtual asset service providers (mostly exchanges) where cryptocurrencies can be purchased for rubles, it has linked more than 15 million crypto addresses to the illegal activities of Russian entities, and it has identified several hundred thousand crypto wallets associated with sanctioned individuals and legal entities.

Robinson has said:

“In general, the level of compliance with sanctions by crypto industry participants is very high.”