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Russian crypto traders are looking to acquire unlimited accounts on global exchanges due to restricted access to such platforms. It has increased significantly, a cybersecurity expert told the Russian news agency.
Supply of Crypto Exchange Accounts for Russian Users Doubles in Year of Sanctions
Ready-to-use accounts for cryptocurrency exchanges are increasingly being sold to residents of Russia. While this is not a new phenomenon (such accounts are often used by fraudsters and money launderers), the current increase in supply is a result of compliance with sanctions against war against customers from Russia. It is due to the restrictions imposed by the trading platform. in Ukraine.
According to Kommersant, Russian residents are buying these accounts despite the risks, including the risk that the person who created the account will be able to maintain access after the sale. But they are cheap, and offers on darknet markets have doubled since early 2022, Nikolay Chursin of Positive Technologies’ information security threat analysis group told Business Daily.
According to Kaspersky Digital Footprint Intelligence analyst Peter Mareichev, December saw 400 new ads for ready-made and verified wallets on various exchanges. The newspaper revealed in an article last month that there were also suggestions to prepare forged documents to pass the customer verification process.
Simple login data, usernames and passwords typically cost around $50, Chursin added. Buyers also have to pay an average of $300 for a fully configured account, including the documents used for registration. Dmitry Bogachev of digital threat analysis firm Jet Infosystems explained that prices vary by country, registration date, activity history and other factors. Older accounts are more expensive.
Sergey Mendeleev, CEO of defi banking platform Indefibank, pointed out that there are two categories of buyers. Russians who need accounts for their daily work and have no other choice, and those who use these accounts for criminal purposes. Igor Sergienko, director of development at cybersecurity service provider RTK-Solar, said the main reason for the demand is that cryptocurrency exchanges have blocked Russian accounts or have made withdrawals to Russian bank cards in recent months. I’m sure it’s because
Major crypto service providers, including leading digital asset exchanges, are complying with financial restrictions introduced by the West in response to Russia’s invasion of Ukraine. Last year, Binance, the world’s largest cryptocurrency trading platform, indicated that it limits the number of individuals and entities subject to sanctions, but does not ban all Russians.
However, Forklog reports that since the end of 2022, many Russian users on Binance have complained about their accounts being blocked without explanation. Many experienced problems for weeks, including suspension of withdrawals amid protracted checks, according to affected customers. It is related to the incident of seized crypto exchange Bitzlato, he told a crypto news outlet.
Do you think this restriction will encourage more Russians to buy ready-made accounts for cryptocurrency exchanges? Share your thoughts on the matter in the comments section below.
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