July 16, 2024

Taylor Daily Press

Complete News World

Ukraine and the US are chasing Bitcoin from the Russians

Ukraine and the US are chasing Bitcoin from the Russians

The war between Ukraine and Russia continues. In addition to the physical dimension of war, a war is taking place on the digital front. Russian intelligence services are very diligent digitally, and when it comes to crypto operations. The Internal Revenue Service (IRS), the U.S. tax authority, will partner with analytics firm Chainalysis to train Ukrainian officials to counter Russian crypto activity.

Ukrainians are trained

It was announced in An announcement by the IRS on Thursday. One of the problems is the use of crypto by Russian oligarchs. These use crypto transactions to avoid certain imposed restrictions. The IRS, in partnership with Chainalysis, is donating blockchain analytics resources to Ukrainian authorities.

A training session was also held with 50 Ukrainian employees. One-on-one training sessions will be held in the future.

“These exercises help participants improve their digital intelligence skills to trace the source of blockchain transactions and other information. Sharing resources helps not only America’s financial system, but the entire world.

Crypto plays a big role

As mentioned, crypto plays an important role in the military conflict between Russia and Ukraine. For example, it is used to circumvent the sanctions mentioned above, but also to finance war and for humanitarian purposes. According to the National Police of Ukraine, the cooperation comes at a good time.

“As Russia believes in evading sanctions using crypto assets, we often see crypto collections. This exercise comes at a great time and provides a strong impetus to do more by cyber police in this area.

According to Yuri Vykodets of the Ukrainian police’s cyber division. However, there seems to be no end to the conflict, with both sides seemingly keen to go all out on the ground and in the digital world. Eduard Fedorov, director of the Bureau of Economic Security of Ukraine, emphasizes: “We oppose the aggressor not only on the battlefield but also on the economic front.”