- The United States calculated a crypto-wallet to bypass the sanctions of the Russian Federation
- Elliptic analysts helped in the capture
- The scale and number of participants is amazing
US Department of the Treasury Office of Foreign Assets Control (OFAC) discovered a wallet that was used to circumvent sanctions through crypto. Elliptic security analysts helped with this – you can see their investigation Here.
Experts have identified a wallet on the Ethereum blockchain owned by 48-year-old Irishman John Desmond Hanafin. He currently resides in the UAE. And, apparently, it helps rich Russians withdraw fiat through crypto.
Based on the blockchain data, interesting facts emerged. Hanafin has processed more than $5.2 million in Tether stablecoins since the start of the war. He helped wealthy citizens of Russia to obtain passports from other countries. And then he oversaw cash transactions for a percentage of the transfer.
Now OFAC has frozen the Irishman’s accounts and launched an investigation.
In addition to Khanafin, the private investment company Huriya Private participated in the rigging. This firm helped transfer money from Russia to the UAE. Also featured in the transactions was Yulia Sergeeva, an employee of the Moscow investment firm Aquila Capital Group, which is also under sanctions.
Most of the funds came from exchanges Huboi, Binance, OKX and FTX. The Estonian company Cryptovenience also helped the criminal scheme. It issued plastic cards for storing and spending cryptocurrencies.