During 2022, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury fined 10 companies that operate with cryptocurrencies for being related to crimes as money laundering, drug dealing and cybercrime.
According to the last report of Criptocrime who performs the chainalysis platform, The sanctions totaled 33.6 billion dollars, a historic figure and 26 times higher than that collected in 2021, when the fines were for 1.3 billion dollars.
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Of the total fine, 67 percent was concentrated by two Russian companies with a total of 22.5 billion dollars.
After the invasion by Russia to Ukraine in February 2022, Chainalysis reported that the adoption and use of cryptocurrencies increased up to 62 percent in both countries, due to the fact that transactions were made forto launder money and finance the war.
Between the cryptocurrencies The most used were ether, bitcoin and stablecoins to protect the value of their assets.
According to the study, the Russian cryptocurrency trader Garantex received the highest sanction in April 2022, for a total of 15.7 billion dollars, a figure that represents 47 percent of the total.
The company was fined because it registers cases of money laundering and despite the sanction, it continues to operate because its headquarters are in Russia and that prevents the US authorities can act against you.
“Garantex received money from a wide range of delinquentsIn addition, the company is also accused of fraud, scams and hacking computer equipment to steal money from the owners of the devices, an activity better known as ransomware”, indicated the Chainalysis report.
The second company with the highest sanction was the also marketer of crypto assets andTornado Cash, which was fined $8.7 billion. This was due to the fact that the platform was involved in money laundering in recent years.
According to platform specialized, the company was sanctioned in August 2022 and again in November of the same year, as OFAC accused the company of facilitating money laundering, mainly in relation to funds stolen in hacks of cryptocurrencies by cybercriminals associated with North Korea and other nations.
“The illicit activity of Tornado Cash was also concentrated in two forms of Cybercrime: Crypto Hacks and Scams”, signed Chainalysis.
Hydra Marketplace it was the third crypto company with the highest sanction in 2022, reaching a total of six thousand 800 million dollars.
According to the report of Chainalysis, Hydra ooperated and traded within the digital black marketwhich was mainly used for drug trafficking, money laundering, or even offered “cybercriminal services.”
Based in Russia, Hydra Marketplace ceased operations in April 2022 following the OFAC sanction.
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The rest of the companies sanctioned were the Russian company Task Force Rusich and the Asian companies Amir Hossein Nikaeen Ravari and Ahmad Khatibi Aghada. These companies incurred cybercrime or data theft.
“2022 reported the highest sanctions against c servicesriptomonedas by OFAC. They are notable not only because of their size, but also in how each highlights the challenges in enforcing sanctions.” platform Chainalysis in its 2022 report.
