Elliptic: Russia evades sanctions through the crypto exchange "Shadow Network," involving hundreds of millions of dollars

Deep Tide TechFlow News, February 22 — A recent report by blockchain analytics firm Elliptic indicates that a Russia-related cryptocurrency exchange “Shadow Network” is assisting in circumventing international sanctions through large-scale crypto transactions, naming five platforms. Most of these platforms have not yet been sanctioned and continue to provide Russian entities with channels to bypass traditional banking regulations, with ABCeX identified as the largest among them, having processed at least $11 billion in cryptocurrency transactions. The report also notes that although Exmo claims to have exited the Russian market, on-chain data shows it still shares custody wallet infrastructure; Rapira, registered in Georgia and with an office in Moscow, is accused of having direct dealings exceeding $72 million with sanctioned exchange Grinex; Bitpapa frequently changes wallet addresses to evade monitoring; and Aifory Pro offers cash-to-crypto exchange services in Moscow, Dubai, and Turkey. The analysis points out that the infrastructure for crypto-related sanctions evasion targeting Russia has not disappeared but has become more dispersed across more platforms.