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US and UK investigating cryptocurrency transfers to Russia

A Bloomberg report has revealed an investigation by the United States and the United Kingdom into more than $20 billion in USDT cryptocurrency transactions, which were allegedly transferred through the Russian trading platform Garantex, suspected of supporting the war in Ukraine.

The United States and the United Kingdom are investigating the transfer of $20 billion in cryptocurrencies to Russia.

According toA recent report from BloombergThe transactions under investigation, worth $20 billion, were made using the dollar-pegged stablecoin Tether (USDT), representing one of the largest violations of sanctions imposed on the Russian economy. It is also alleged that this money, passing through the Garantex exchange, was used to finance the war in Ukraine.

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Moscow-based Garantix was subject to sanctions by U.S. and British authorities at the start of the Russian-Ukrainian conflict in April 2022. The U.S. Treasury also accused it of transferring more than $100 million transactions linked to illegal activities as well as black markets.

Although no official details have been released yet, more information is expected to emerge as the investigation progresses.

As for Tether, it appears to have played no role in these transactions. She adhered to the restrictions imposed by the US government. By freezing funds associated with addresses on the Office of Foreign Assets Control (OFAC) sanctions list.

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Additionally, a few weeks ago, on March 12, 2024, Tether announced its cooperation with the Department of Justice and the Federal Bureau of Investigation (FBI) to dismantle a technical support scam. More than $1.4 million USDT linked to the network has been frozen.

While the United States strives to close all doors to Russia, the Kremlin is exploring new horizons and testing modern payment methods. It is cooperating with other economic powers to test digital currency payments linked to central banks. In addition to reducing the role of the dollar in cross-border trade.

👈Read more: Will digital currencies push China and Russia to abandon the dollar?

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