The US Trains Ukrainian Authorities to Counter Russian Crypto Activity
The ongoing conflict between Russia and Ukraine is not only physical but also digital. Russian intelligence services are highly proficient, especially when it comes to crypto activity. To counter this, the US tax authority, Internal Revenue Service (IRS), along with analysis firm Chainalysis, is now training Ukrainian authorities to identify and counter Russian crypto activity.
Ukrainians are Trained
The IRS announced on Thursday that it is donating blockchain analysis resources to Ukrainian authorities to counter the use of crypto by Russian oligarchs, who use crypto transactions to circumvent imposed sanctions. The donation also aims to assist Ukrainian authorities in identifying crypto collections for financing the war and for humanitarian purposes. As part of the initiative, a training session was held with 50 Ukrainian employees, and one-on-one training sessions will take place in the future.
The Importance of Crypto
Crypto plays a significant role in the military conflict between Russia and Ukraine. For instance, it is used to circumvent imposed sanctions as well as for financing the war and humanitarian activities. According to Ukraine’s National Police, this cooperation comes at an opportune time. Yurii Vykhodets of Ukraine’s cyber division also added that they often see crypto collections because Russia believes in circumventing sanctions using crypto assets.
The War does not seem to End
It seems that there is no end in sight to the conflict between Russia and Ukraine, both on the ground and in the digital world. According to Eduard Fedorov, director of the Economic Security Bureau of Ukraine, they are not only resisting the aggressors on the battlefield but also on the economic front.
- Advertisement -
The ongoing conflict between Russia and Ukraine has taken on a new dimension with the spread of crypto technology. With the US tax authority training Ukrainian authorities to counter Russian crypto activity, it is hoped that the use of crypto to circumvent sanctions and finance the war can be reduced or eliminated.