Ukraine Confiscates $3m Worth of Money And Property From A Crypto Broker Servicing Russians 

OFFICE OF THE PROSECUTOR GENERAL, UKRAINE

The Ukrainian Prosecutor General’s office seized about $1.6 million in different currencies (850k EUR, 470k USD, 460k UAH), 830 kilograms of silver, three apartments, and six plots of land from the crypto broker. The assets are valued at 100 million hryvnias, or $3.3 million. They did not mention crypto assets or wallets.

The law enforcement agency announced that the crypto broker catered to Russian citizens and residents of Donetsk and Luhansk People’s Republics, converting their “dirty” cash to cryptocurrencies without paying taxes. As a result, the crypto executives will face tax evasion, money laundering, and fraud charges.

Following Russia’s invasion of Ukraine on February 24, the US and most EU countries imposed heavy sanctions on its leadership, corporations, and banks. However, both parties have since weaponized crypto, Russia for bypassing sanctions damage and Ukraine for soliciting worldwide donations.

Experts warn that Russia might copy North Korea using crypto to conceal its profits from international trade as their interest in crypto has heightened. To prevent this, Chainalysis, a blockchain analysis firm, introduced two free sanctions screening tools in March to identify transactions by sanctioned countries.

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