Elliptic analysts claim that the amount of money sent through the Russian crypto exchange Suex, under US Treasury Department sanctions, is far greater than the previously disclosed $480 million.
Employees of the analytical firm Elliptic examined the transactions of the Russian cryptocurrency exchange Suex in great detail, estimating that at least $934 million has moved through it since 2018. This is nearly double the $480 million that OFAC reported. In addition, according to the US government, more than $160 million was obtained as a result of unlawful actions.
The US Department of Justice makes it plain to cybercriminals that it wants to act as rigorously as possible by imposing sanctions. Furthermore, according to President Joe Biden’s administration’s previously announced plan to battle software ransomware, they would do everything necessary to prevent digital currency exchangers from becoming “conduits” for unlawfully stolen cash.
Cooperation with Suex is prohibited for inhabitants and residents of the nation and American financial institutions. Because, while clearing bank transactions, they must guarantee that no transactions involving the Russian crypto exchanger were included in the process. It has been “shut off” from the USD clearing mechanism.
So far, the OFAC has added more than 120 cryptocurrency addresses to its “black list,” which have been linked to numerous scams and illegal activity.