Tag Archives: russia

Rosseti Group, Russia’s power grid company, reported losses exceeding 1.3 billion rubles – which is worth around $14.2 million – in 2024 due to unauthorized cryptocurrency mining operations, also known as “black” mining firms. As per a report by state-owned news agency TASS, damages were widespread across the company’s electrical networks. Illegal Mining Strains Russia’s Energy Grid The most significant impact was recorded in the North Caucasus region, which amounted to over...

The Russian government has extended its winter ban on local crypto mining operations to six years as energy consumption in the country rises to alarming levels. About a month ago, the government ordered crypto mining entities to pause their operations for the winter season. However, the ban has now been extended. According to a report from local media Tass, the Russian Cabinet of Ministers has banned crypto mining, including local participation in mining pools, in select...

Tkachev indicates a Bitcoin reserve to ensure Russia’s financial stability. Russia’s crypto policies are evolving, including tax breaks and mining authorization. Russian State Duma Deputy Anton Tkachev has suggested that the national Bitcoin reserve be created in order to strengthen financial stability in Russia further. The deputy of the New People party proposed the initiative and sent it to Finance Minister Anton Siluanov. He suggested that Bitcoin could become an independent asset,...

A Russian court has sentenced Stanislav Moiseev, the leader of the notorious online drug marketplace Hydra, to life in prison alongside a fine of four million rubles (approximately $37,500). Fifteen other members of the group received prison terms ranging from eight to 23 years and were collectively fined 16 million rubles worth around $150,000.The charges against them included the production and distribution of illegal drugs and psychotropic substances across Russia and...

In an effort to tackle electricity shortages, Russian officials disclosed plans to suspend cryptocurrency mining in several regions this winter. The ban will impact the Irkutsk region, portions of Buryatia, the Zabaikalsky region in Siberia, and six North Caucasus areas, including Chechnya and Dagestan. Mining will also be prohibited in the Russian-controlled Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia, and Kherson. The mining suspension in Siberia will last from...

Russia has sentenced Marat Tambiyev, a former mid-ranking investigator, to 16 years in jail after he was caught accepting a bribe of 1,032 bitcoins, which is currently worth around $65 million, from hackers he was investigating. The bribe originated from members of the Infraud Organization hacking group, which Tambiyev was tasked with probing while working for the Investigative Committee of Russia (ICR). Russia’s Bribery Scandal Tambiev has been with the ICR since 2011,...

U.S. authorities have charged Russian citizens Sergey Sergeevich Ivanov and Timur Shakhmametov for allegedly operating a cryptocurrency money laundering service tied to Russian cybercrime. The U.S. Department of State has issued a $10 million bounty for information leading to the arrest or conviction of each. International Crackdown on Russian Cybercrime The United States Treasury, in coordination with international partners, announced it had taken action to disrupt the...

Russian-speaking threat actors who come from former Soviet Union are the primary drivers of various types of crypto-related cybercrime, including ransomware, illegal crypto exchanges, and darknet markets, according to the latest report by TRM Labs. In fact, ransomware groups that speak Russian were also found to be responsible for at least 69% of all ransomware earnings in 2023, totaling over $500 million. Russian-Speaking Threat Actors Dominate In its latest report,...

USDT is one of the most widely adopted stablecoins, which are blockchain-based currencies that are tied - or tethered - to fiat currencies. Tether's mission is to offer a safer digital asset that isn't affected by market volatility in the same way that Bitcoin is. In der sich ständig weiterentwickelnden Welt der Kryptowährungen haben sich Stablecoins als unverzichtbare Stütze erwiesen. Sie bieten Stabilität inmitten der Volatilität und ermöglichen es Anlegern, die Vorteile der...

Wally Adeyemo, Undersecretary of the U.S. Treasury, released an official statement saying Russia is increasingly resorting to alternative payment methods, such as the stablecoin Tether (USDT), to evade sanctions and sustain its military operations. The hearing, titled “Countering Illicit Finance, Terrorism, and Sanctions Evasion,” marks the committee’s second discussion on the topic within the last six months. Russia Employs Tether to Evade Sanctions In his testimony, Ademayo...