The US OFAC has blacklisted two cryptocurrency-linked addresses as part of its efforts to evade Russian sanctions. The addresses are linked to Russia’s arms export agent, according to OFAC.
OFAC blacklists addresses linked to two cryptocurrencies
The U.S. Treasury Department’s sanctions watchdog, the Office of Foreign Assets Control (OFAC), has blacklisted the Bitcoin and Ethereum address it has linked to sanctions evasion. According to a press release, Igor Zimenkov and his son Jonatan are “trying to sell defense equipment” to “third country governments”. According to OFAC, Jonatan Zimenkov, a Russian national, was linked to both his father and two addresses linked to Rosoboroneksport OAO, respectively. According to its website, the company mediates arms exports to Russia. OFAC press In his statement, he drew attention to the following points:
“As part of these efforts, Igor and Jonatan Zimenkov had direct correspondence with sanctioned Russian defense companies. They have also been involved in multiple agreements for Russian cybersecurity and helicopter sales abroad, and directly engage with Rosoboroneksport’s potential customers to secure the sale of Russian defense supplies.”
At press time, neither Bitcoin nor Ethereum address has any cryptocurrency. The Bitcoin address, which appears to hold no more than 0.01 BTC (worth about $230 at press time), was last used in December 2022. There were over 5,400 ETH flows on the Ethereum address, but it has been inactive for almost a while.
Perhaps more interestingly, the Ethereum address received funds from another address that crypto analytics firm Arkham Intelligence described in November as “a large wallet very active in OTC trading.” This address received funding from Alameda Research, the now-defunct trading company founded by FTX creator Sam Bankman-Fried.
OFAC also banned Tornado Cash
cryptocoin.comAs you follow, OFAC has previously approved cryptocurrency addresses and products. Perhaps the most high-profile case was last year when US citizens banned Tornado Cash for allegedly using it by criminals to launder dirty money. Tornado Cash is a ‘crypto money mixer’ app. It allows people to send and receive Ethereum anonymously.
OFAC alleges that the app was used by the North Korean state-sponsored hacking group Lazarus Group as a tool to use to hide stolen funds. However, the ban angered many in the crypto community and even some US politicians, such as Representative Tom Emmer, who claimed that privacy is a right and that blacklisting an app punishes the wrong people.
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