Topic: 2022’s Biggest Cryptocurrency Sanctions (Read 55 times)

https://blog.chainalysis.com/reports/how-2022-crypto-sanction-designations-affected-crypto-crime/
"Agencies like the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury and its equivalents in other countries implement sanctions through the targeting of countries, regimes, individuals, and entities that are considered threats to national security and foreign policy.

Hydra was the largest darknet market in the world until its servers were seized by German police, concurrent with its designation by OFAC in April 2022, effectively shutting down the marketplace. Based in Russia, Hydra not only facilitated drug sales, but also offered money laundering services to cybercriminals, including ransomware attackers.

Garantex is a high-risk crypto exchange based in Russia and was sanctioned at the same time as Hydra for similar money laundering activity. Unlike Hydra, Garantex continues to operate following its designation.

Tornado Cash is a decentralized mixing service on the Ethereum blockchain that was sanctioned in August 2022 (and again in November) for facilitating money laundering, primarily in relation to funds stolen in cryptocurrency hacks by cybercriminals associated with North Korea. Tornado Cash is currently the only DeFi protocol to have been sanctioned by OFAC — all other designations have been centralized services or personal wallets. As a DeFi protocol, no person or organization can “pull the plug” as easily on Tornado Cash as they could with a centralized service, which has led to questions around the feasibility of sanctioning the service and who, if anyone, can be held responsible for criminal activity it facilitates. "
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I was surprised to find out that there was a crypto exchange in Russia.