Blockchain analytics firm Elliptic released a report detailing how exchanges including Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro serve as critical pipelines for Russian capital flight. These services allow for the conversion of rubles into digital assets that are then transferred globally, bypassing the traditional banking oversight intensified since the 2022 invasion of Ukraine.
The report reveals that ABCeX has processed over $11 billion in transactions, frequently coordinating with the sanctioned entity Garantex from offices in Moscow’s Federation Tower. Furthermore, while Exmo publicly claimed to exit the Russian market, on-chain data confirms that Exmo.com and Exmo.me continue to share the same custodial wallet infrastructure, co-mingling $19.5 million in direct transactions with sanctioned groups.
“These platforms provide transaction routes that allow Russian entities to make cross-border payments shielded from traditional banking oversight,” according to the Elliptic findings.
🧭 FAQs
• Which of the profiled exchanges is currently under U.S. sanctions? Bitpapa is the only exchange in the group currently designated by the OFAC for evasion support.
• How much transaction volume has the exchange ABCeX processed recently? ABCeX has facilitated at least $11 billion in cryptoasset transactions linked to high-risk entities.
• What evidence suggests Exmo remains operationally active in Russia? Onchain analysis shows Exmo.com and Exmo.me share identical custodial wallets and hot wallet addresses.
• How do these services help users bypass foreign service restrictions? Aifory Pro offers virtual payment cards funded by USDT to pay for blocked foreign services.
