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Revealed: Cryptocurrency firm in UK transfers $4.2m to Russian arms dealer’s wallet

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Revealed: Cryptocurrency firm in UK transfers .2m to Russian arms dealer’s wallet

The transactions involving Copper Technologies raise concerns about whether UK crypto laws have kept pace with the rapidly evolving sector, which has faced growing scrutiny for its potential to provide anonymity

Recent findings reveal that a cryptocurrency company transferred over $4.2 million in digital assets to a crypto wallet linked to a member of an alleged Russian arms-dealing network, who later faced US sanctions.

According to a report, the transactions involving Copper Technologies raise concerns about whether UK crypto laws have kept pace with the rapidly evolving sector, which has faced growing scrutiny for its potential to provide anonymity.

Analysis of crypto records by the Guardian and the International Consortium of Investigative Journalists (ICIJ) reveals a connection between Copper Technologies and Jonatan Zimenkov, an Israeli-born Russian national.

Zimenkov, 29, faced US sanctions in February 2023 for allegedly aiding the Russian military in the invasion of Ukraine as part of the “Zimenkov network,” led by his father, Igor Zimenkov.

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Copper transferred millions of dollars worth of digital currency in May 2021 to a wallet belonging to Jonatan Zimenkov, who was later sanctioned. Although Copper was based in London at the time of the transfer, it has since relocated to Switzerland.

While Zimenkov wasn’t under sanctions when the transaction occurred, the US Treasury Department stated that the network had been active for several years before imposing restrictions on individuals and entities involved.

Copper stated that it takes compliance seriously and acted within all regulatory standards at the time of the transaction.

The revelation highlights the opaque nature of cryptocurrency and raises questions about regulating digital assets within the financial system.

Zimenkov wasn’t a Copper client, relieving the company of regulatory obligations to verify his identity.

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Financial firms can file suspicious activity reports for transactions raising concerns, even if rules aren’t violated. It’s unclear if Copper filed such a report.

The UK adopted a travel rule in late 2023, requiring crypto firms to conduct checks on funds transferred to external parties.

Blockchain logs show that Copper transferred over 1,700 units of ethereum to Jonatan Zimenkov in May 2021. The purpose and original source of the assets remain unclear.

The owner of the receiving wallet is not named in blockchain records, which only display a digital currency address.

The same address was included in a US Treasury announcement in February 2023, detailing sanctions against the Zimenkov network.

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The alleged sanctions evasion network’s details revealed by the US underscore the importance of verifying the identities of individuals involved in asset transfers.

Jonatan Zimenkov, who held Russian, Israeli, and Italian citizenship, was identified as part of the network involved in projects connected to Russian defense capabilities.

The US Treasury stated that Igor Zimenkov, Jonatan’s father, worked closely with his son and others to facilitate Russian defense sales to third-country governments.

Both men are accused of corresponding with sanctioned Russian defense firms and participating in deals for Russian cybersecurity and helicopter sales abroad.

Sanctions apply to several companies involved in the arms trade, including GBD Limited, described as a “Zimenkov network company” attempting to supply weapons systems to an African government.

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Russian public records show Jonatan Zimenkov registered as an “individual entrepreneur” in 2019, engaging in wholesale trade of ships, aircraft, and vehicles.

Last year, Copper Technologies was implicated in a share sale benefiting a Russian banker facing US sanctions, as reported by the Guardian.

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Bitcoin Mining Promises Under Fire as SEC Alleges $48.5M Investor Funds Were Misused

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Bitcoin Mining Promises Under Fire as SEC Alleges .5M Investor Funds Were Misused
Federal regulators are tightening the vise on crypto investment schemes, spotlighting alleged fraud tied to bitcoin mining that raised nearly $100 million while misleading thousands of investors about operations, capacity and the use of their money.
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The Cryptocurrency That Could Be About to Explode 1,000% | The Motley Fool

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The Cryptocurrency That Could Be About to Explode 1,000% | The Motley Fool

This tiny AI coin could be ready to skyrocket in 2026.

It’s slim pickings in the crypto market right now, with nearly every cryptocurrency down 25% or more over the past 90 days. But if you’re willing to dig for bargains and hold your nose at the same time, it’s possible to come up with some potential blockbuster plays for 2026.

My favorite pick right now is Artificial Superintelligence Alliance (FET 0.25%), down 68% over the past 90 days, and more than 80% for the year. This is exactly the type of beaten-down cryptocurrency that could be ready to explode higher by 1,000% or more over the next 12 months.

Rules for picking 1,000% winners

In order for any cryptocurrency to soar 1,000% or more within a relatively short period of time, it needs to meet a few key criteria. First of all, it needs to be dirt cheap — that’s the only way to attract speculative retail money. So, as a first cutoff, let’s narrow our search to beaten-down cryptos trading for $1 or less.

Second, the cryptocurrency needs to be in a red-hot sector or backed by a red-hot investment thesis. Within the blockchain and crypto world, there are plenty of potential hot ideas to choose from, including real-world asset tokenization, stablecoins, and decentralized finance (DeFi).

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But let’s face facts here: If you try explaining real-world asset tokenization or stablecoins to your friends and family over the winter holidays, you’ll probably be met with a very frosty reception. The investment narrative needs to be easy to grasp and easy to explain. And I can’t think of a better one right now than artificial intelligence (AI).

Image source: Getty Images.

So let’s further narrow our search down to so-called AI coins. This was once a red-hot category, and includes some major names like Bittensor, Render, and Artificial Superintelligence Alliance (FET 0.25%).

The case for buying Artificial Superintelligence Alliance

Of these AI coins, the only one that’s trading for less than a buck right now is Artificial Superintelligence Alliance (the cryptocurrency formerly known as Fetch.ai). It has a super-low discount price of $0.20 — almost as cheap as some meme coins. In order for FET to explode in price by 1,000%, all investors need it to do is hit a price of $2.20.

Fetch Stock Quote

Today’s Change

(-0.25%) $-0.00

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Current Price

$0.21

Thankfully, it has already done that in the past. In March 2024, Artificial Superintelligence Alliance hit an all-time high of $3.47. So, getting back to a price level of $2.20 may not be as insurmountable as it seems at first.

Moreover, the crypto (via the involvement of Fetch.ai in the alliance) is at the forefront of the hot new field of agentic AI, so there’s plenty of long-term growth potential.

Just keep in mind that there’s a big reason the price of Artificial Superintelligence Alliance has cratered by nearly 95% over the past 18 months. Simply put, investors have given up on the “alliance” that was supposed to create the world’s foremost AI coin.

The multistep merger process that was supposed to result in a single token called ASI has gone on much longer than expected. It has also been much messier than many people expected. In October, Ocean Protocol — one of the three big AI players involved — finally pulled out of the alliance, and that sent the price of FET tumbling.

What can investors expect in 2026?

As recently as December 2024, the price of Artificial Superintelligence Alliance was around $2. That’s why I’m optimistic about a potential rebound in price in 2026. Crypto traders have likely overreacted and are now dumping this AI coin indiscriminately.

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That being said, a 1,000% surge in price is by no means guaranteed. It’s quite possible that the price of Artificial Superintelligence Alliance could go to zero. So, buckle up now if you plan to invest in this AI coin — the path ahead is likely to be filled with turbulence and stomach-churning moves up and down.

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China Discovers ‘Largest’ Undersea Gold Deposit in Asia as State Mining Ambitions Expand

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China Discovers ‘Largest’ Undersea Gold Deposit in Asia as State Mining Ambitions Expand
China says it has uncovered Asia’s largest undersea gold deposit, a massive offshore find that strengthens domestic supply, reshapes regional resource rankings, and highlights Beijing’s accelerating push to secure strategic minerals.
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