So, these crypto exchanges are basically the getaway cars for Russia’s sanction-dodging heist, according to some report by Elliptic. What a bunch of nonsense, right? But hey, let’s dive into this comedy of errors.
- Elliptic claims exchanges are Russia’s crypto wingmen. Big whoop.
- Wallet rotation and P2P ruble trades? Sounds like a bad magic trick.
- Exmo’s “global” and “Russia-facing” platforms? More like Siamese twins sharing a wallet.
Apparently, these platforms are the crypto equivalent of a back-alley deal, letting Russian entities send money across borders without the banks catching wind. Genius? Criminal? You decide.
Bitpapa, sanctioned by the U.S. in March 2024 (because who doesn’t love a good sanction?), sends nearly 10% of its crypto funds to OFAC-sanctioned targets. 5% goes to Garantex. What, no tip?
ABCeX, operating out of Moscow’s Federation Tower (formerly Garantex’s pad), has processed $11 billion in crypto. That’s a lot of rubles turned into digital Monopoly money.
Exmo says, “We left Russia!” but their wallets are still cuddling with the Russian platforms. $19.5 million in transactions with sanctioned entities? Oopsie.
Bitpapa and ABCeX: Masters of the Crypto Shell Game
Bitpapa, based in the UAE (because why not?), loves Russian users and their rubles. They rotate wallets like it’s a game of musical chairs. Blockchain analysts are like, “Wait, where’d the money go?”
ABCeX, also in the Federation Tower, hides wallets like a kid hiding veggies under the mashed potatoes. They’ve sent funds to Garantex and Aifory Pro, the cash-to-crypto wizards.
Rubles turn into crypto, crypto crosses borders, and poof! It’s local currency again. Exchanges registered outside Russia? Sure, Jan.
Exmo: The Wallet-Sharing Couple That Can’t Quit
Exmo claims, “We sold our Russian business!” but their wallets are still in a committed relationship. Blockchain says, “Uh, nope, still sharing.”
Crypto goes in one platform, comes out the other. It’s like a bad magic trick where the rabbit is actually a sanctioned entity. Exmo’s danced with Garantex, Grinex, and Chatex. What a party.
Rapira, based in Georgia but with a Moscow office, does ruble trades and sent $72 million to Grinex. Moscow raided their office. Surprise, surprise.
Aifory Pro, operating in Moscow, Dubai, and Turkey, is the middleman for Russia-China trade. Because why not add more layers to this onion?
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2026-02-22 22:24