Russian Central Bank Official Claims Scammers ‘Rarely’ Use Altcoins to Navigate Illegal Funds

  • As per a high ranking Russian official — Arten Sychev — hackers rarely make use of alt-assets to move their stolen funds within the nation’s borders.
  • Sychev claims that most scammers commonly make use bank cards/ cash to withdraw their illegal money — because it is tougher for the police to trace their tx history (and movements) that way.

According to a news story released by a trusted Russian media outlet ‘TASS’ a couple of days back, the country’s scammers very rarely make use of crypto-assets to withdraw their stolen funds.

To elaborate further on the matter, we can see that Arten Sychev — deputy director of the information security department at the Central Bank of Russia — recently told TASS that since the central bank keeps a close tab on all of its customers’ withdrawal activities, criminals very rarely make use of BTC, ETH to move their illegally procured funds. Instead, they prefer to use cash to conduct all of their nefarious activities.

Elaborating his views on the subject, the Sychev was further quoted as saying:

“In the Russian Federation, this [withdrawing of stolen funds with crypto] is used very rarely. Yes, sometimes cryptocurrencies are used to withdraw funds, but now it is not widespread, because it is much easier for an attacker to get cash.”

  • A recent research piece released by Chainalysis suggests that a little over 64% of all ransomware attack cash-out strategies make use of crypto-based laundering routes.
  • Other avenues included coin mixing portals (12%), peer-to-peer (P2P) networks (6%) and dark web marketplaces.

The folks over at Chainalysis recently released a study that showed at least 95% of all cryptocurrency-related crimes, in some way or the other, were associated with bitcoin (BTC). In regards to the matter, the COO of the firm — Johnathan Levin — was quoted as saying that law enforcement agencies across the world need to make use of more “sophisticated digital mechanisms” to tackle such issues in the future.

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