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TRM Labs: Russian Entity Allegedly Using Kyrgyzstan Cryptocurrency Platform to Evade Sanctions
BlockBeats News, July 27th, according to Decrypt, according to a report released by blockchain intelligence company TRM Labs, Russian entities are using a Kyrgyzstan cryptocurrency platform to evade sanctions. Russian-related cryptocurrency transactions almost entirely dominate the Kyrgyzstan cryptocurrency industry, which was "almost non-existent" before the 2022 Russia-Ukraine war.
On-chain analysis shows that the now-defunct Russian exchange Garantex has likely rebranded as Grinex and is engaged in large-scale ruble-to-crypto transactions using Russian-backed stablecoins (such as A7A5). The trading volume of Kyrgyzstan's virtual asset service providers reached $59 million by the end of 2022, skyrocketing to $4.2 billion in the first seven months of 2024. These platforms have become key channels for Russian entities to circumvent sanctions and maintain access to the global financial system.
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