In a preview of its 2022 Crypto Crime Report, Chainalysis says that, overall, “roughly 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to strains we can say are highly likely to be affiliated with Russia in some way.” Platforms operating mainly on the Russian crypto market launder the bulk of extorted funds, …
Report: Large share of global crypto crime comes from Russia Read More
The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The authorities have elaborated a plan to integrate the circulation of cryptocurrencies into Russia’s financial system and to establish control over crypto-related flows in the banking system. Contrasting with the central bank’s recent proposal to impose a ban on crypto trading, investment …
Bitcoin and cryptocurrencies are at a tipping point as two rival major world powers – the U.S. and Russia – both appear to be moving towards state acceptance of digital money, affirms the CEO of global financial giant deVere Group. The bold assertion from Nigel Green comes as the Biden administration is preparing an executive …
US and Russia eyeing bitcoin: A moment of critical mass for crypto? Read More
Irkutskenergosbyt, the main utility company in Irkutsk, Siberia, is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in local electricity consumption. In total, the company has filed 137 lawsuits against customers who set up mining facilities in basements and garages. The company says these home miners are engaged in entrepreneurial …
Siberian utility filed 137 lawsuits over crypto miners using cheap power Read More
While advocating a ban on crypto exchange, investment and mining in the country, Russia’s central bank has plans to launch its own digital currency. Having completed the prototype of the digital ruble platform in December, the monetary authority is now beginning to experiment with transactions. A dozen banks have been invited to join the first stage of …
Russian banks begin testing digital ruble payments Read More
Bank of Russia proposed today to ban cryptocurrency investment and mining as governments around the world crack down on the decentralized currencies, citing a variety of threats including monetary stability. At the moment, conducting transactions with cryptocurrencies is illegal in Russia, but investing and buying crypto through exchanges is permitted under a recent change. Russian citizens’ transactions using decentralized …
No exchange, no investment, no mining: Russia’s central bank proposes triple ban on crypto Read More
The Russian central bank wants to ban investments in cryptocurrencies in Russia, seeing risks to financial stability in the rising number of crypto transactions, two financial market sources close to the bank said. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave …
Russian central bank to seek ban on investment in cryptocurrencies Read More
Russians are among the most active participants in the crypto space, Bank of Russia says, citing various studies. The country is one of the leaders in terms of number of visits on Binance, the world’s leading crypto exchange. Referring to estimates by large financial institutions surveyed this past July, the central bank notes that the annual …
Report: Russians make $5 billion annually in crypto transactions Read More
Authorities in Russia have closed down a number of illegal crypto mining facilities allegedly powered by stolen electricity. The underground farms have been discovered around Moscow, as well as in the Russian republic of Dagestan. In particular, the Russian law enforcement and customs agents recently uncovered the theft of a large amount of electricity from the network operated …
The crown jewel of Moscow’s business district, a 97-story glass tower known alternately as Federation Tower East or Vostok, is a tribute to Russia’s post-Soviet economic influence and national strength. Promotional materials for the building, which was the tallest in Europe when it was completed in 2017 and is now number 2, boast of its …
Ransomware HQ: Moscow’s tallest tower is a cybercriminal cash machine Read More
Despite Russia adopting its first cryptocurrency law in January 2021, the country’s cryptocurrency market is still largely unregulated and is associated with a lot of uncertainty, according to a local industry advocate. Yury Pripachkin, head of the Russian Association of Cryptoindustry and Blockchain (RACIB), argued that the existing Russian crypto regulations are nothing more than “half-measures” that …
Russia does “absolutely nothing” to regulate cryptocurrencies, says industry advocate Read More
Russia has become one of the world’s top three locations for bitcoin mining activity, following China’s crackdown on crypto earlier this year. In August 2021, according to the Cambridge Bitcoin Electricity Consumption Index, bitcoin miners in Russia accounted for 13.6% of the total global BTC mining hash rate distribution, bested by only the United States (26.2%) and Kazakhstan (21.9%). Energy consumption has grown …
