TechFlow News, February 22: Elliptic, a blockchain analytics firm, released a new report stating that a Russia-linked cryptocurrency exchange—the “Shadow Network”—is facilitating large-scale crypto transactions to circumvent international sanctions. The report names five platforms, most of which have not yet been sanctioned but continue to provide Russian entities with financial channels bypassing traditional banking oversight. Among them, ABCeX is identified as the largest, having processed at least $11 billion in cryptocurrency transactions to date. The report also notes that although Exmo claims to have exited the Russian market, on-chain data reveals it still shares custodial wallet infrastructure. Rapira—registered in Georgia but operating an office in Moscow—is alleged to have conducted over $72 million in direct transactions with Grinex, a sanctioned exchange. Bitpapa evades monitoring by frequently rotating wallet addresses, while Aifory Pro offers cash-to-crypto exchange services in Moscow, Dubai, and Turkey. The analysis concludes that prior cryptocurrency-based sanction-evasion infrastructure targeting Russia has not disappeared but has instead fragmented across a larger number of platforms.
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