Chainalysis

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On 1 October, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the UK’s Foreign Commonwealth and Development Office (FCDO), and Australia’s Department of Foreign Affairs and Trade (DFAT) concurrently designated members of Evil Corp, a Russia-based cybercrime syndicate responsible for the development and distribution of Dridex malware. The U.S. Department of Justice also unsealed an indictment charging one Evil Corp member in connection with his use of BitPaymer ransomware targeting victims in the United States. In our latest blog, we look at Evil Corp’s sanctions, its relationship to cybercriminal group Lockbit and the Russian state, and more. https://lnkd.in/ecsV6kDH

Sub-Saharan Africa is a critical beacon of global crypto adoption, driven by real-world use cases and home to several top-ranking countries on our global adoption index, including Nigeria (#2), Ethiopia (#26), Kenya (#28), and South Africa (#30). - Stablecoins and DeFi are reshaping financial access, with Sub-Saharan Africa leading the world in DeFi adoption. Stablecoins, which account for 43% of the region’s transaction volume, provide a reliable alternative in the face of economic challenges.
 - Nigeria is a leader in crypto adoption, leveraging crypto for business payments, remittances, and bolstering economic resilience.
 - South Africa is seeing rising institutional engagement with cryptocurrency, supported by its strong banking infrastructure and an increasing number of licensed crypto businesses. Learn more in the latest preview of our 2024 Geography of Cryptocurrency Report: https://lnkd.in/gVsvaMv8

We're proud to be a sponsor of Designated with Yaya Jata Fanusie by Illicit Edge, a new podcast to educate the ecosystem on issues surrounding illicit finance. We believe that by increasing awareness and understanding, we can collectively work towards a safer and more secure financial ecosystem. This first episode is particularly important to us.

🗳️ 2024 𝐢𝐬 𝐚 𝐩𝐢𝐯𝐨𝐭𝐚𝐥 𝐲𝐞𝐚𝐫 𝐟𝐨𝐫 𝐞𝐥𝐞𝐜𝐭𝐢𝐨𝐧𝐬, and concerns about malign interference are 📈 on the rise. But who’s really behind these disinformation campaigns, and what role does cryptocurrency play? In the latest episode of 🎙️𝘗𝘶𝘣𝘭𝘪𝘤 𝘒𝘦𝘺, Valerie Kennedy and Andrew Fierman explore 🇷🇺 Russia's use of cryptocurrency for sanctions evasion, ransomware attacks, and its recent efforts to interfere in U.S. elections. Join host Ian Andrews for an episode you cannot miss: https://bit.ly/3N6LtAA

𝐂𝐡𝐚𝐢𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐋𝐚𝐛𝐬 puts cutting-edge innovations in the hands of 👮 law enforcement worldwide, tackling the most critical crypto challenges. See how we’re making investigations faster and more effective: 🔗 https://bit.ly/4elV5Du

Earlier today, OFAC designated Russian-language exchange Cryptex and Russian national Sergey Sergeevich Ivanov for facilitating laundering operations tied to fraud, ransomware payments, and darknet markets. This designation coincides with multiple Dutch and U.S. law enforcement actions that seized the services’ domains, servers, and other infrastructure as part of "Operation Endgame". With assistance from Chainalysis and Tether, Dutch tax and law enforcement authorities seized €7M worth of funds. Read our blog for a full breakdown. https://bit.ly/3MYJAGb

Last Thursday, the German Federal Criminal Police (BKA) seized the infrastructure of 47 Russian-language no-KYC 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 do not implement controls to identify, disrupt, or prevent a range of cybercriminals from abusing their services. - The BKA’s Operation Final Exchange landing page calls out ransomware affiliates, botnet operators, and darknet vendors as users of the 47 targeted exchanges. These services also offered fiat on- and off-ramping for sanctioned Russian banks, creating an avenue for sanctions evasion. Read our blog to dive into these exchanges’ on-chain activity, explore their nexus to sanctioned Russian banks, and understand the disruption’s implications. https://bit.ly/3znINeN

The Middle East & North Africa (MENA) region is emerging as a global hub for crypto activity. - Türkiye (#11 in our global adoption index) leads the region as the largest crypto market, driven by high consumer engagement and the widespread use of stablecoins to hedge against inflation. - The UAE is fostering a balanced crypto ecosystem, with growth across all transaction sizes and active participation in DeFi, largely thanks to its forward-thinking regulatory framework. - Saudi Arabia is the fastest growing market in MENA, with its young and tech-savvy population heavily engaged in DeFi. Learn more about the trends shaping crypto adoption in MENA in the latest preview of our 2024 Geography of Cryptocurrency report: https://bit.ly/4dnQD5Q