ON-CHAIN DATA REVEALS BITPAPA AND NETEX24 COOPERATION
💥 Blockchain research firm Chainalysis has published a report analyzing two recently OFAC-designated entities: Netex24, a Moscow-based fintech company operating as a cryptocurrency exchange, and Bitpapa, a peer-to-peer (P2P) exchange that facilitates payments for Russian crypto businesses designated by OFAC .
💥According to the report, over the past two years, both companies facilitated significant transactions with sanctioned entities.
The company identified “clusters associated with both services using data on the network.”
💥The report highlights that exchanges without Know Your Customer (KYC) controls and darknet markets make up a significant portion of companies' transaction history.
These transactions include Russian-language websites offering to “periodically increase transactions with sanctioned Russian banks.”
💥Two companies have registered a massive outflow of funds, apparently used for illegal purposes.
💥Have you read to the end? Like and subscribe!