Elliptic: Russia Evades Sanctions Through Cryptocurrency Exchange "Shadow Network," Involving Billions of USD

Odaily News According to a latest report from blockchain analytics firm Elliptic, a cryptocurrency exchange "shadow network" linked to Russia is facilitating the circumvention of 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 oversight. Among them, ABCeX is identified as the largest, having processed at least $11 billion in cryptocurrency transactions cumulatively. The report also notes that while Exmo claims to have exited the Russian market, on-chain data shows it still shares custody wallet infrastructure; Rapira, registered in Georgia with an office in Moscow, is alleged to have over $72 million in direct transactions with the sanctioned exchange Grinex; Bitpapa evades monitoring by frequently changing wallet addresses; and Aifory Pro offers cash-to-crypto services in Moscow, Dubai, and Turkey. The analysis indicates that previously identified cryptocurrency-related sanctions evasion infrastructure targeting Russia has not disappeared but has instead dispersed across more platforms.