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Thousands of participants in the cryptocurrency market in the Russian Federation have already been deanonymized thanks to mechanisms for monitoring cryptocurrency transactions, Dmitry Ruznyaev, Product Director of T1, said at the Kazan Digital Week forum.
"T1 has developed a service for monitoring cryptocurrency transactions, which allows you to conduct investigations on the movement of cryptocurrencies, identify unscrupulous providers, for example, cryptocurrency exchange offices, darkmarkets, and identify addresses that are associated with criminal activity," the expert said. — As a result, today more than 17 thousand participants of the cryptocurrency market, more than 5 thousand crypto exchanges, about 1 thousand black markets, and about 500 cryptocurrency exchange points have been deanonymized. I would like to draw your attention to the fact that we primarily pay attention to cryptocurrency exchange offices that operate on the territory of Russia. First of all, because our main customers are interested in Russian providers, Russian participants in the cryptocurrency market."
According to Ruznyaev, data for risk calculation and analysis are taken from open sources both on the clearnet and on the darknet. At the same time, more than 90% of the total volume of the cryptocurrency market is accounted for by bitcoin and ethereum, as well as the cryptocurrency based on ethereum, but work is also underway to connect other cryptocurrencies. This year, T1 launched research on the possibility of tracking cryptocurrencies in chains with increased anonymity.
In general, the company has noted an increase in public involvement in the cryptocurrency exchange in recent years.
"At the same time, cross-border payments using cryptocurrencies are gaining popularity. This is due to the current conditions and the imposition of sanctions. In order to circumvent sanctions, various organizations, both state and commercial, have to use cross-border payments. Partners who perform these operations, in particular, cross-border transfers using cryptocurrency, should be able to check and assess risks, since cryptocurrency is often used in illegal activities, including for the purpose of financing terrorist and extremist activities, in various financial pyramids, fraudulent schemes, and for money laundering," Ruznyaev said.
"T1 has developed a service for monitoring cryptocurrency transactions, which allows you to conduct investigations on the movement of cryptocurrencies, identify unscrupulous providers, for example, cryptocurrency exchange offices, darkmarkets, and identify addresses that are associated with criminal activity," the expert said. — As a result, today more than 17 thousand participants of the cryptocurrency market, more than 5 thousand crypto exchanges, about 1 thousand black markets, and about 500 cryptocurrency exchange points have been deanonymized. I would like to draw your attention to the fact that we primarily pay attention to cryptocurrency exchange offices that operate on the territory of Russia. First of all, because our main customers are interested in Russian providers, Russian participants in the cryptocurrency market."
According to Ruznyaev, data for risk calculation and analysis are taken from open sources both on the clearnet and on the darknet. At the same time, more than 90% of the total volume of the cryptocurrency market is accounted for by bitcoin and ethereum, as well as the cryptocurrency based on ethereum, but work is also underway to connect other cryptocurrencies. This year, T1 launched research on the possibility of tracking cryptocurrencies in chains with increased anonymity.
In general, the company has noted an increase in public involvement in the cryptocurrency exchange in recent years.
"At the same time, cross-border payments using cryptocurrencies are gaining popularity. This is due to the current conditions and the imposition of sanctions. In order to circumvent sanctions, various organizations, both state and commercial, have to use cross-border payments. Partners who perform these operations, in particular, cross-border transfers using cryptocurrency, should be able to check and assess risks, since cryptocurrency is often used in illegal activities, including for the purpose of financing terrorist and extremist activities, in various financial pyramids, fraudulent schemes, and for money laundering," Ruznyaev said.
