Russia and Iran are increasingly turning to crypto—especially stablecoins—to avoid sanctions, report finds
Illegal activity in the crypto sector is nothing new but, in recent months, it is nation-states that account for a growing share of it. In the last year, there has been a 694% increase in crypto received by sanctioned entities, including from Russia and Iran, according to a new section of Chainalysis’ Crypto Crime Report.
The report details the evolution of crypto crime over time. In the past, illicit use of crypto was dominated by individual actors exchanging hundreds of thousands or millions of dollars. Now, nation-states are beginning to dominate the sector, moving hundreds of millions or even billions in funds obtained through hacking or fraud.
“While nation-states have been utilizing cryptocurrency for a while, it’s…
