Crypto
German Law Enforcement Seizes Russian No KYC Exchanges – Chainalysis
![German Law Enforcement Seizes Russian No KYC Exchanges – Chainalysis German Law Enforcement Seizes Russian No KYC Exchanges – Chainalysis](https://www.chainalysis.com/wp-content/uploads/2024/09/fed-tower-header-image-for-bka.jpeg)
On September 19, 2024, the German Federal Criminal Police (BKA) seized the infrastructure of 47 Russian-language no-KYC (Know Your Customer) cryptocurrency exchanges. Dubbed “Operation Final Exchange,” the takedown stands out not only for its breadth, but also for the light it has shined on the central role instant-swap style no-KYC exchanges play in facilitating on-chain cybercrime.
As their name suggests, no-KYC exchanges have no known process for collecting customer information before allowing any level of deposit or withdrawal. They do not require a name, phone number, or email address, and make no attempt to verify this information prior to permitting transactions. As such, these services allow a range of cybercriminals to abuse their services without KYC controls to identify or disrupt illicit activity. The BKA’s Operation Final Exchange landing page calls out ransomware affiliates, botnet operators, and darknet vendors as users of the 47 targeted exchanges. Beyond that, these services offered fiat on- and off-ramping for sanctioned Russian banks, creating an avenue for sanctions evasion.
Below, we’ll dive into these exchanges’ on-chain activity, explore their nexus to sanctioned Russian banks, and discuss the disruption’s implications.
Who are these 47 No KYC Exchanges?
Our data reveals interesting patterns about the services targeted by the BKA, with robust direct and indirect exposure to various illicit services. At least seventeen of the exchanges saw a month of more than 50% of direct inflows from illicit sources. At least twelve saw a month where more than 30% of direct inflows were from darknet marketplaces (DNMs). At least six saw at least one month where stolen funds comprised more than 30% of total direct inflows. At least five had at least one month where more than 30% of indirect inflows were from sanctioned entities.
This exposure demonstrates that for many of these services, laundering illicit funds was a substantial part of their businesses. Indeed, as depicted in the below Chainalysis Crypto Investigations graph, the top ten services targeted by the BKA transacted with a broad array of illicit services, including, but not limited to, sanctioned entities, ransomware actors, DNMs, and darkweb escrow and breached data brokers.
The chart below shows the quarterly inflows to the top ten exchanges taken down by the BKA. These services received value from a variety of sources, including periods of significant inflows from drug-related DNMs, online pharmacies, malicious cybercriminals such as ransomware gangs, and funds stolen in heists and scams.
There is also a notable increase over time in the proportion of inflows from legitimate sources, notably centralized exchanges. While this change to the composition of inflows might in other circumstances suggest that the services were in the process of cleaning up their platforms, the reality is likely more complicated. In this case, the increased inflows from otherwise legitimate sources most likely represent the growing use of these services for sanctions evasion on the part of Russian nationals, who are likely trying to leverage these no KYC exchanges to evade sanctions on Russian banks.
How do these services work?
These services operate as instant-swap style services, in which users, without providing any personal information or going through any verification process, can swap from one currency to another. The offerings include crypto-to-crypto and fiat-to-crypto swaps, allowing users to instantly exchange popular cryptocurrencies and stablecoins, or to connect their bank account to on-/off-ramp fiat to crypto instantly.
As with other categories of the illicit crypto ecosystem, we have observed that no KYC exchanges, particularly those targeted by the BKA, often have overlapping or similar on-chain infrastructure, and in some instances even share off-chain networks, such as website shells, employees and administrators, physical locations, and ownership structures, to name a few. More often than not, these websites have no affiliated company incorporation, registration, phone numbers, physical addresses, or any indicator of jurisdictional operation. Unlike other high-risk and illicit services, most of these services do not have a social media presence, instead offering users the ability to interface with a bot on their homepages. Despite using servers based in Germany, these services cater primarily to a Russian clientele, as suggested by their default language settings in Russian and information on banking services for fiat transactions provided by sanctioned Russian banks, such as Sberbank.
Connectivity to sanctioned Russian banks
Many of the 47 no KYC exchanges were Russian-language platforms offering fiat-to-crypto and crypto-to-crypto instant exchange services. As we covered in our recent analysis of Russia’s new cryptocurrency legislation, Russian-language instant exchangers can be exploited to quickly move fiat currency from sanctioned Russian banks to specified crypto wallets, enabling entities to evade sanctions. Given the dramatically increased sanctions pressure on Russian banks following the full-scale invasion of Ukraine in February 2022, instant exchangers have emerged as a convenient way to on- or off-ramp funds for sanctioned banks. Of the 47 no KYC exchanges targeted in Operation Final Exchange, all that we have identified on-chain accepted on- and off-ramping with sanctioned Russian banks.
Breadth of disruption likely to generate actionable inroads
Most of the exchanges targeted by BKA have been active since 2021 or before, and the top three in terms of transactions processed – Xchange.cash, 60cek.org, and Bankcomat.com – have been active since 2016 or before, according to the Operation Final Exchange landing page. The longevity of these services suggests a substantial portion of customers affected will need to establish alternative financial facilitation and laundering pathways.
The disruption’s impact is likely to extend far beyond the no KYC exchanges targeted. As the BKA stated, it is now in possession of these exchanges’ development, production, and backup servers, as well as transactional details, registration data, and IP addresses. This data will likely be instrumental in generating follow-on leads for the BKA and key international law enforcement partners in the months to come. We continue to track this phenomenon closely and will flag new no KYC exchanges that emerge as key players in this space.
This website contains links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
This material is for informational purposes only, and is not intended to provide legal, tax, financial, or investment advice. Recipients should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipient’s use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in this report and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
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Crypto
Cryptocurrency exchange network accused of helping Russia hit with sanctions
Article content
WASHINGTON (AP) — A network of people and virtual currency exchanges associated with harboring Russian cybercrime were hit with sanctions on Thursday, in a government-wide crackdown on cybercrime that could assist Russia ahead of President Joe Biden’s meeting with Ukrainian President Volodymyr Zelenskyy.
U.S. Treasury sanctioned alleged Russian hacker Sergey Ivanov and Cryptex — a St. Vincent and Grenadines registered virtual currency exchange operating in Russia. Virtual currency exchanges allow people and businesses to trade cryptocurrencies for other assets, such as conventional dollars or other digital currencies.
Article content
Treasury alleges that Ivanov has laundered hundreds of millions of dollars worth of virtual currency for cyber criminals and darknet marketplace vendors for the last 20 years, including for Timur Shakhmametov, who allegedly created an online marketplace for stolen credit card data and compromised IDs called Joker’s Stash. Ivanov laundered the proceeds from Joker’s Stash, Treasury says.
The State Department is offering a $10 million reward for information that would lead to the arrest and possible conviction of the two men and the U.S. Attorney’s Office in Virginia has unsealed an indictment against them.
Biden said in a statement announcing the sanctions Thursday that the U.S. “will continue to raise the costs on Russia for its war in Ukraine and to deprive the Russian defense industrial base of resources.”
He meets with Zelenskyy Thursday to announce a surge in security assistance for Ukraine and other actions meant to assist the war-torn country as Russia continues to invade.
State Department Spokesman Matthew Miller said, “We will continue to use all our tools and authorities to deter and expose these money laundering networks and impose cost on the cyber criminals and support networks. We reiterate our call that Russia must take concrete steps to prevent cyber criminals from freely operating in its jurisdiction.”
U.S officials have taken several actions against Russian cybercriminals since the start of the invasion in February 2022.
Earlier this year, Treasury’s Office of Foreign Assets Control sanctioned 13 firms — five of which are owned by an already sanctioned person — and two people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, “thus enabling potential sanctions evasion,” according to U.S. Treasury.
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Crypto
Cryptocurrency Prices on September 26: BTC Backtracks To $63K, But WLD Soars 11%
![Cryptocurrency Prices on September 26: BTC Backtracks To K, But WLD Soars 11% Cryptocurrency Prices on September 26: BTC Backtracks To K, But WLD Soars 11%](https://coingape.com/wp-content/uploads/2024/06/crypto-prices-today2.webp)
The cryptocurrency prices on September 26 have again raised investor concerns globally as Bitcoin and major altcoins plunged into the red territory. Notably, even the global crypto market cap slipped 1.92% to $2.22 trillion today. Further, the total market volume fell 12.5% to $65.06 billion. However, Worldcoin (WLD) emerged among the day’s top gainers, defying the broader market sentiment.
Here’s a brief report on some of the leading cryptocurrencies by market cap and their price movements today, September 26.
Cryptocurrency Prices Today: BTC, ETH, SOL, & XRP In The Red
While BTC waned to the $63K price level today, ETH price marked a slip below $2,600. Simultaneously, SOL, XRP, and DOGE prices slipped slightly over 1% today, whereas SHIB too defied the broader market trend. So, let’s take a closer look at major coins’ price action today.
Bitcoin Price Today
BTC price traded at $63,450 at press time, up nearly 1.4% in the past 24 hours. The coin’s intraday low and high were $62,669.27 and $64,462.94, underscoring a highly volatile movement for the asset. This volatility comes despite $105.84 million inflows spot Bitcoin ETFs as of September 25. Besides, despite BlackRock’s additional BTC buys, the coin’s trade is turbulent.
Bitcoin’s market cap rested at $1.25 trillion today. Simultaneously, the flagship crypto’s dominance saw a 0.02% decline to 56.24%.
Ethereum Price Today
Whilst, ETH price chart illustrated a nearly 1% dip in value to reach $2,604. The coin’s intraday low and high were recorded as $2,557.72 and $2,646.79, underlining a brief slip below $2,600.
Simultaneously, ETH price dropped despite $43.23 million inflows in spot Ethereum ETFs as of September 25, per Soso value data. Ethereum’s market cap rested at $313.19 billion today. Despite today’s turbulence, the ETH funding rate sparked further bullishness recently, hinting that phenomenal gains loom for the token.
Solana Price Today
The crypto SOL fell over 1.5% in the past 24 hours and is currently trading at $149.18. The coin’s intraday low and high were recorded as $146.87 and $152.89, respectively. Solana’s market cap rested at $69.93 billion today.
XRP Price Today
Simultaneously, against the backdrop of colossal Ripple whale transactions, XRP price today slipped nearly 2% to $0.5819. Its intraday low and high were recorded as $0.5769 and $0.5935, respectively. XRP’s market cap rested at $32.87 billion today.
Meme Coins’ Performance
Dogecoin (DOGE) price fell nearly 1.5% over the past day to reach $0.1089. However, Shiba Inu gained nearly 4% from yesterday to reach $0.00001556.
PEPE and FLOKI prices slipped 3%-4% today, whereas WIF price gained nearly 2%.
Top Cryptocurrency Gainers Prices Today
Worldcoin
WLD price surged 11% in the past 24 hours and is currently trading at $2.06. The crypto’s intraday low and high were recorded as $1.80 and $2.17, respectively.
Injective
INJ price pumped over 4% today and is currently trading at $22.06. The token’s intraday low and high were recorded as $21.25 and $22.86, respectively.
UNUS SED LEO
LEO price jumped 3% over the past day to reach $5.95. The coin’s intraday low and high were $5.68 and $6.01, respectively.
Top Cryptocurrency Losers Prices Today
Fantom
FTM price dipped 7% over the past day to $0.6512. The crypto’s 24-hour low and peak were $0.6416 and $0.6886, respectively.
Conflux
CFX price followed, dropping 7% over the past day to reach $0.1572. The coin’s intraday low and high were $0.1522 and $0.1669, respectively.
Stacks
STX price fell 6% over the past day to reach $1.92. The crypto’s 24-hour low and high were $1.85 and $2.04, respectively.
Besides, the hourly charts sparked further investor speculations on the cryptocurrency prices today, as BTC and ETH gained 0.11% and 0.14%, respectively. Market watchers continue to extensively eye the coins for future price action shifts.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto
Best Cryptocurrency for Gains in 2025, It’s Not SHIB or PEPE
![Best Cryptocurrency for Gains in 2025, It’s Not SHIB or PEPE Best Cryptocurrency for Gains in 2025, It’s Not SHIB or PEPE](https://www.cryptotimes.io/wp-content/uploads/2024/09/Best-Cryptocurrency-for-Gains-in-2025—Its-Not-Shiba-Inu-or-PEPE.png)
The cryptocurrency market is evolving, and with that, there are always investors who are tuning in to catch in with the next level that seems to have high returns on it. With many tokens trending in the media like Shiba Inu and PEPE, a newcomer in the crypto space that appears very promising is Rexas Finance (RXS).
This developed platform is primarily oriented toward tokenizing Real World Assets (RWA) and thus serves as an internal leader in the industry. This is the reason why Rexas Finance is also one of the reasons on the list as to why Rexas Finance would be the best cryptocurrency to invest in 2025 with a 20x return.
Rexas Finance Explained And What Sets It Apart From Its Competitors
Fundamentally, Rexas Finance is a blockchain-based application that seeks to accelerate the process of tokenization of physical assets and broaden its accessibility to the public. The platform intends to expand the audience of tokenized asset ownership by combining the simple interface with the functional ecosystem for the development, maintenance, and trading of such tokens.
In contrast to most of these cryptocurrencies that have come up where a majority are gambling capably, Rexas Finance is more application-oriented than speculation-oriented. Rexas Finance has great prospects because it has the power to change the entire economy.
The platform not only solves the efficiencies that are usually a matter of complications in asset tokenization but also makes it easier to do business. This also examines ways in which new investments can be drawn. The focus on diversity and creativity is what makes Rexas Finance a darling of investors, especially those chasing high returns.
The Market Gaps Rexas Finance Addresses
Liquidity is one of the major problems existing in more mature and traditional asset markets. Very high-valued assets such as art and real estate have long transaction cycles and narrow transaction markets, which induce price cuts when one wants to sell before the market period is over.
This problem is addressed by Rexas Finance since it allows for fractional ownership using tokenization. The platform offers smaller fractions in barrels by subdividing the asset into cheaper and reasonable tokens, increasing the chances of investment in such boom markets.
On top of that, many investment opportunities have very high entry barriers and are usually available to rich people only. This dream vision is turned into reality with Rexas Finance by removing these barriers. It enables people to invest in opportunities that used to be available only to the rich.
Making the market accessible for more users and cheap to use
In the case of its trading platform, Rexas Finance uses the internal advantages of the blockchain. This level of liquidity is advantageous for the investors not only from the aspect of entering and exiting the positions more conveniently than before but also leads to a more active and vibrant market. Where else, having an active market, professionals in every field are better able to service the economy as a whole.
Apart from this, the platform also reduces costs by removing intermediaries. Smart contracts are widely used to automate many processes and, as a result, reduce expenses to brokers, lawyers, and other third parties involved in transaction activities. All these reductions are in the sights of small rather than big investors, who are likely to pay such fees when investing large amounts.
Centering on security and legitimacy
With massive rises in thefts and other types of fraud, especially online, Rexas Finance is always concerned about security and compliance issues. All security measures are employed, and stringent guidelines are followed to secure users and transactions in the Marketplace. Nevertheless, as it aims to earn the trust of users, Rexas Finance is well positioned in market volatility, enabling them to always smile.
This platform was also devised with regulatory concerns in mind. Since the compliance verification is integrated within the smart contract, Rexas Finance ensures that all operations carried out are not in conflict with the law. Such internal regulation minimizes the risks and responsibilities of both the investors and the regulators and enhances the efficiency and clarity of the deals.
The Road Ahead: Future Predictions for Rexas Finance
Looking ahead toward the year, the ideas indicate that there is a great opportunity for Rexas Finance that will offer phenomenal returns. According to the analysts, the current presale, which has already been demonstrated to have great interest, will translate to an increase in price when the platform launches and gains popularity.
At the current presale 3, the price is just $0.05 and early investors would take back 20x of their investment because of the expectations that the platform will continue to develop and enhance its capabilities and attract more users.
Besides, it can be expected that the popularity of Rexas Finance will increase as more and more investors understand the benefits of asset tokenization coupled with the effectiveness of blockchain technology. This enhanced demand could push the price of the RXS token very high, making it even more appealing to investors who wish to diversify into crypto portfolios.
Conclusion
Despite the apparent volatility of the cryptocurrency market, many investors indulge themselves in the basics of cryptocurrency, led by trend-driven coins such as Shiba Inu or PEPE. However, if an investor wants to make some serious profits, he should turn his sights toward Rexas Finance. Given the direction that the platform has adopted in regards to disrupting the asset management industry, it is set to achieve a higher market penetration and thus provide high returns to its investors.
Rexas Finance is a technologically driven company that is fortifying itself in a very uncertain marketplace. The company not only addresses the limitations of existing asset markets but also makes a strong business case for those who wish to benefit from the growing trend of tokenized assets, considering practicality, safety, and effectiveness. This represents a great opportunity for value investors who are seeking to make smart investments in cryptocurrency with a good forecast for growth in 2025 and beyond. Rexas Finance is a cryptocurrency to look out for.
For more information about Rexas Finance (RXS) visit the links below:
Disclaimer: This is a sponsored post. The Crypto Times does not take any editorial responsibility for the accuracy, quality and fairness of the published content. We advise our readers to always do their own research before engaging with any products mentioned on our website.
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