Elliptic Report Uncovers Sanctions Evasion through Crypto Exchanges

A new report by blockchain analytics firm Elliptic has shed light on a concerning trend in the cryptocurrency space. The investigation revealed that several major exchanges are serving as critical pipelines for Russian capital flight.

The five exchanges identified in the report – Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro – enable the conversion of funds through sophisticated wallet obfuscation and shared infrastructure.

This allows Russian entities to bypass international sanctions and move their assets freely. The report highlights the need for increased scrutiny of these exchanges and their practices in order to prevent further evasion of sanctions.