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Ukraine war impedes crackdown on crypto cybercrime

Tuesday, December 6, 2022

Significance

There were signs of possible progress in 2021, and even some cooperation from Moscow -- REvil ransomware gang members were arrested in early 2022. However, that cooperation has disappeared since Russia’s invasion of Ukraine.

Impacts

  • Adoption of cryptocurrencies will rise in Russia, Ukraine and parts of Central-Eastern Europe due to the war.
  • More unregulated exchanges will appear that do not abide by Know Your Customer and anti-money laundering rules.
  • Unregulated Asian exchanges will also be used to process illegal transaction and ransom payments.

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