On June 24, against the backdrop of events related to PMC Wagner, CCData analysts recorded a sharp surge in trading activity in the ruble pair with the stablecoin Tether. This is reported Fortune.
According to CCData, the volume of exchange trading in the ruble-USDT pair more than tripled and amounted to about $15 million.
The largest platforms for ruble transactions this month were Binance, Cryptonex, HitBTC and Coinsbit.
As CCData communications manager Jamie Sly clarified, the surge in trading volume does not directly indicate that “ruble” investors were buying Tether. At the same time, he suggested that “market participants were looking for a less volatile asset against rubles, since similar trends were not observed for bitcoin trading volumes.”
Kaiko representatives confirmed that ruble-denominated Tether trading volume reached its highest level since December 2022. This happened despite the fact that the corresponding pairs were delisted from many platforms amid tightening sanctions against the Russian Federation.
On Friday, June 23, armed fighters of the Wagner PMC, led by Yevgeny Prigozhin, advanced towards Moscow. However, on the evening of June 24, after negotiations with Belarusian President Alexander Lukashenko, the uprising was stopped. On the same day, a criminal case was opened against Prigozhin for an armed rebellion; on June 27, the FSB stopped the relevant proceedings.
Recall that in March 2022, after the ban on foreign exchange transactions in the Russian Federation, the “black” segment of the cryptocurrency market became more active. The turnover of exchangers from Moscow City has increased at least five times since the beginning of the full-scale war in Ukraine. At the same time, the average earnings on transactions increased from 0.1% to at least 1%.
According to Chainalysis, several dozen Moscow-City cryptocurrency firms are linked to money laundering by cybercriminals.
In February 2023, Sber recorded record volumes of illegal asset transfers to foreign cryptocurrency wallets using Russian bitcoin exchanges.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
On June 24, against the backdrop of events related to PMC Wagner, CCData analysts recorded a sharp surge in trading activity in the ruble pair with the stablecoin Tether. This is reported Fortune.
According to CCData, the volume of exchange trading in the ruble-USDT pair more than tripled and amounted to about $15 million.
The largest platforms for ruble transactions this month were Binance, Cryptonex, HitBTC and Coinsbit.
As CCData communications manager Jamie Sly clarified, the surge in trading volume does not directly indicate that “ruble” investors were buying Tether. At the same time, he suggested that “market participants were looking for a less volatile asset against rubles, since similar trends were not observed for bitcoin trading volumes.”
Kaiko representatives confirmed that ruble-denominated Tether trading volume reached its highest level since December 2022. This happened despite the fact that the corresponding pairs were delisted from many platforms amid tightening sanctions against the Russian Federation.
On Friday, June 23, armed fighters of the Wagner PMC, led by Yevgeny Prigozhin, advanced towards Moscow. However, on the evening of June 24, after negotiations with Belarusian President Alexander Lukashenko, the uprising was stopped. On the same day, a criminal case was opened against Prigozhin for an armed rebellion; on June 27, the FSB stopped the relevant proceedings.
Recall that in March 2022, after the ban on foreign exchange transactions in the Russian Federation, the “black” segment of the cryptocurrency market became more active. The turnover of exchangers from Moscow City has increased at least five times since the beginning of the full-scale war in Ukraine. At the same time, the average earnings on transactions increased from 0.1% to at least 1%.
According to Chainalysis, several dozen Moscow-City cryptocurrency firms are linked to money laundering by cybercriminals.
In February 2023, Sber recorded record volumes of illegal asset transfers to foreign cryptocurrency wallets using Russian bitcoin exchanges.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!