Vast Telegram-based guarantee marketplaces are key enablers of online scams. They rely on stablecoins for money laundering totalling hundreds of billions of dollars. In a new article for @RUSI_org (link below) I call on @telegram and @tether to step up and do more to combat this.
@durov Great job Pavel, now how about shutting down the $21B sanctioned fraud marketplace that you host? The one that enables money laundering, human trafficking and scams - and causes untold misery for millions globally. Or would that be bad for business?
https://t.co/uFvyeXxmGK
@elliptic@telegram@WIRED Telegram has taken action! By banning UK @telegram users from accessing Xinbi... 😕 So probably the bare minimum they think they need to do to comply with the UK sanction, while doing nothing to address the underlying issue...
It's 3 weeks since Xinbi was sanctioned. @Elliptic data shows that the scammer's marketplace has now facilitated over $21Bn in transactions. Meanwhile @telegram, which could shut it down with the press of a button, continues to turn a blind eye...
https://t.co/uFvyeXxmGK @WIRED
Crypto outflows from Iran spiked 700% in the minutes following the first airstrike.
Nobitex, Iran’s largest crypto exchange, also saw withdrawals surge on 16th and 30th January - days on which the U.S. announced new sanctions against regime officials.
https://t.co/Pk3yS7OgOF
New research: Iran’s Central Bank has purchased US dollar stablecoins worth at least half a billion dollars, likely used to evade sanctions and support the rial
https://t.co/DZjnCuToLe
1/8 I was taking a look at this research from @elliptic and noticed something interesting. It seems that the same entity who is selling USDT to the Central Bank of Iran 🇮🇷 is also buying USDT from groups laundering on behalf of DPRK 🇰🇵
New crypto sanctions on the eve of the Trump/Putin talks - targeting Russian use of stablecoins for sanctions evasion. Including: A7/Old Vector (issuers of A7A5 Ruble stablecoin), Exved (cross-border payments with USDT) and Grinex (Garantex successor)
https://t.co/qLrwBgLhs6
In the mean time, Elliptic's data and the transparency of cryptoassets produced insights have led directly to the two largest illicit marketplaces of all time to being shut down. This is a major victory for anyone who has been targeted by online scams.
What next for online criminal markets?
Xinbi and Huione thought Telegram was a safe home. This turned out not to be true, and may spur the development of decentralised, censorship-resistant comms - alongside the censorship-resistant payments of crypto.
https://t.co/m7aJ5hUOSJ