Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
U.S. Sanctions Crypto Money Launderer for Russian Oligarchs

U.S. Sanctions Crypto Money Launderer for Russian Oligarchs

DailyCoinDailyCoin2023/11/03 21:03
By:DailyCoin
  • The U.S. Treasury has designated a “crypto exchange” services provider for Russian oligarchs.
  • The designated individual is believed to have helped cybercriminals launder ransomware payments.
  • The U.S. imposed a range of sanctions on the individual.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a Russian businesswoman for her alleged role in laundering and moving funds through crypto on behalf of Russian elites and ransomware actors.  

In a press release dated November 3, OFAC announced wide-ranging sanctions on Ekaterina Zhdanova, accusing her of leveraging entities that lack Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) controls to assist her clients in obfuscating their source of wealth.

A “Crypto Exchange” for Russian Oligarchs and Cybercriminals  

As OFAC alleges , Zhdanova conducts multimillion-dollar crypto transfers for Russian oligarchs who have relocated overseas.

Notably, the Treasury said that at some point, the businesswoman moved over $100 million in wealth on behalf of Russian oligarchs to the United Arab Emirates and facilitated tax residency services.

Through these services, Zhdanova allegedly helped her clients secure United Arab Emirates identification cards and open bank accounts in the country.

“Payments were alleged to be made in cash or by virtual currency, and to be received at a Dubai bank account, and then transferred from the Dubai bank account to foreign bank accounts at the discretion of the client,” the statement read.

Other beneficiaries of Zhdanova’s crypto exchange services include cybercriminals affiliated with the Russian Ryuk ransomware group. The Treasury noted that in 2021, the businesswoman laundered over $2.3 million of suspected victim payments on behalf of the group.

Based on these allegations, the Treasury has designated Zhdanova as a crypto money launderer for Russian elites and cybercriminals, imposing wide-ranging sanctions on her.

Sanctions Implications

As a result of today’s designation, the Treasury has blocked all Zhdanova property and interests in property in the U.S. and ordered that they be reported to OFAC.

Further, per the G7’s commitment to crack down on sanctions evasion by the Russian elite, the Treasury warned that financial institutions or entities that engage in transactions with Zhdanova shall be “subject to an enforcement action.”

Read how SBF’s guilty verdict has bolstered crime crackdown in crypto:
Prosecutors Bolster Crime Crackdown Post-SBF Guilty Verdict

Stay updated on the latest crypto seizure by the DOJ:
DOJ Seizes $54M Ether from Narcotics Distribution Scheme

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

SUI Jumps 73% After Grayscale and Mastercard Boost

SUI gains 73% in a week, driven by a Grayscale Trust listing and a strategic partnership with Mastercard.SUI Skyrockets After Major Institutional MovesMastercard Partnership Fuels Adoption HopesWhat’s Next for SUI?

Coinomedia2025/04/25 23:55
SUI Jumps 73% After Grayscale and Mastercard Boost

Whale Buys Back 8K ETH, Nets $159K in 10 Days

Whale repurchases 8,012 ETH at $1,779, repays debt, and earns $159K from ETH trading over 10 days.Whale Re-Enters ETH With $14M BuybackSmart Debt Management and Strategic TimingProfit Through Precision

Coinomedia2025/04/25 23:55
Whale Buys Back 8K ETH, Nets $159K in 10 Days

Solana Price Eyes $162, Cardano Slides Again, While Unstaked Presale Goes Viral in April 2025

Explore a timely comparison of Cardano, Solana, and Unstaked ($UNSD) focusing on real-time utility, price levels, and presale potential. Find out what crypto to invest in for both short-term strategy and long-term value.Cardano Slides Back Into Multi-Year RangeSolana Faces Crucial Test Near Largest Supply ClusterUnstaked Is More Than Hype: A Real Use Case in a Meme-Driven MarketUtility, Timing, and the Case for $UNSD

Coinomedia2025/04/25 23:55
Solana Price Eyes $162, Cardano Slides Again, While Unstaked Presale Goes Viral in April 2025

DOGE Eyes $0.29, Pi Hangs by a Thread But BlockDAG’s Buyer Battles Is Where the Real Action Starts

Dogecoin (DOGE) price prediction targets $0.29, PI coin price stabilizes below $0.75, but all eyes are on BlockDAG’s $0.0025 Buyer Battles where top buyers win millions in BDAG daily.BlockDAG Buyer Battles Heat Up at $0.0025Pi Coin Price Holds Steady as Breakout Faces ResistanceDogecoin (DOGE) Price Prediction Targets $0.29 if Support HoldsKey Insights

Coinomedia2025/04/25 23:55
DOGE Eyes $0.29, Pi Hangs by a Thread But BlockDAG’s Buyer Battles Is Where the Real Action Starts