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Russia’s crypto mining has become a key weapon against Western sanctions. The country is now the second-largest Bitcoin mining center after the United States. A new law from November 1 created rules for Russian cryptocurrency laws. This validates mining and lets companies make international payments with digital coins, changing how Russia handles digital money and its role in global crypto. The move signals a major shift in the country’s strategy to counter international financial restrictions. Also Read: 2025 Commodity Trends: Oil and Copper Lead the Way – Prepare for Great Gains Discover how Russia’s Crypto Mining Laws Impact Sanctions Evasion and Boost Digital Payments Mining Operations and Legal Framework Bitcoin mining in Russia has hit new records. Miners made 54,000 bitcoins worth $3 billion. The law lets registered businesses mine crypto. Russia’s cryptocurrency laws give the Bank of Russia power to watch over operations. Small miners don’t need to ...

South Korea and the US have explicitly stated that its mutual defense treaty, signed in 1953, applies to threats made in outer space and cyberspace. The joint statement was made on Thursday in Washington, following a defense meeting between the two countries that last took place three years prior. Future cyber threats made to either country will be evaluated on a case-by-case basis to see if it will trigger the defense pact. US Defense Secretary Lloyd Austin said in the press conference, “We also affirmed that attacks in space or cyberspace that clearly challenge the security of the alliance could lead us to invoke Article III of the Mutual Defense Treaty.” The US and South Korea have previously faced large-scale cyberattacks from North Korea that would have likely triggered the mutual defense treaty . DeFi app Delta Prime loses $6M after being warned of Lazarus mole Read more: US Treasury sanctions OTC traders for aiding Lazarus hackers In a recen...

BRICS member Russia is pitching a new idea of a ‘multicurrency payment system’ option to break the US dollar dominance. Russia is proposing changes to cross-border transactions where all currencies of existing members will be used to settle trade. The move will bolster local currencies of member nations leading to lesser dependency on the US dollar. Also Read: North American Countries Start Applying For BRICS Membership The new BRICS multicurrency payment system will be a ring of all currencies and become a center for mutual trade. The main agenda is to circumvent the Western financial powers and usher into a new era of global authority. Russia is pitching the multicurrency system to sanction-proof its economy and that of the existing members of the alliance. Also Read: BRICS Country Rejects De-Dollarization, Embraces the US Dollar BRICS: Russia Wants ‘Multicurrency System’ To Challenge US Dollar Hegemony Source: DIRCO/GovernmentZA) Russia wants the new BRICS mul...

BRICS member Russia is laundering its crude oil to the West with the help of middlemen despite the US sanctions. A new report from CERA shows that Russia has sold close to $2 billion worth of oil to Western countries via middlemen. The Putin administration has bypassed US sanctions to keep its economy afloat and its state-run businesses are functioning normally. Also Read: BRICS: 134 Countries Explore Digital Currencies, US Dollar in Jeopardy Russia has used the help of its BRICS counterparts, India and China, to evade US sanctions. In addition, Russia has sold the majority of its crude oil to Turkey, which is then laundering the commodity to the West. The CERA research found that Western countries, mostly from Europe, have ramped up their purchases from Turkish refiners. According to Kpler Analysis , India, the BRICS counterpart, funneled around 89,000 barrels of Russian oil. Also Read: BRICS Makes Major Announcement On New Payment System BRICS: Russia Conducts Oil Deals Despite US Sa...

1. Malaysian Authorities Crack Down on Crypto Mining Electricity Theft Nationwide link Malaysian authorities have dismantled 985 Bitcoin mining machines in a nationwide crackdown on electricity theft related to cryptocurrency mining. A circulating video shows a heavy-duty roller slowly crushing these machines in an attempt to destroy them. According to the Malaysia Gazette, the operation, led by the Perak District Police Headquarters, resulted in the destruction of mining equipment worth approximately 1.98 million MYR (450,000 USD). The Deputy Minister of Energy Transition and Water Resources stated to local media that local cryptocurrency mining groups have stolen electricity worth 3.4 billion MYR (776 million USD) over the past five years. 2. Russian Media: Insiders Reveal Russia’s Plan to Establish Two Cryptocurrency Exchanges link According to a report by Russian media outlet *Kommersant*, sources have revealed that Russia plans to establish at least two cryptocurrency exchanges. O...

A fake news story circulated today about Russia’s supposed embrace of bitcoin mining and crypto payments. According to excited social media posts, after the lower house of Russia’s legislature passed a bill, Russia “embraces crypto,” “formally legalizes cryptocurrencies,” “has approved a bill on cryptocurrency mining,” and will “legalize bitcoin and crypto as a foreign currency.” The news was barely — if at all — true. But this time, the fake news wasn’t Russia’s fault. LETS GET READY TO RUUUUUMMBBLLEEE. https://t.co/w4iCFvb0UH — Tyler (@TylerDurden) July 30, 2024 Everyone was very excited about Russian crypto news that didn’t happen. Read more: No, Saudi Arabia isn’t ditching the dollar for Ripple in its oil trades The doctored media were not a purposeful, Kremlin misinformation campaign . Instead, the public simply doesn’t understand Russia n law or the Kremlin’s long history of making ceremonial or vacuous announcements regarding crypto use. Wha...

BRICS members India and Russia are forging new partnerships by putting their national payment systems at work to sideline the US dollar. India ’s payment system RuPay and Russia ’s MIR systems could soon be jointly integrated for seamless cross-border transactions between the two nations. Also Read: After Pausing BRICS, Saudi Arabia Starts Issuing US Dollar Bonds Russia welcomed India’s Prime Minister Narendra Modi to Moscow and the meeting forged new alliances and trade decisions. During the meeting, India confirmed that it is open to trade with its BRICS counterpart Russia using the RuPay and MIR payment systems. If BRICS countries begin using their national payment mechanisms for trade, the US dollar will be sidelined for all transactions. Also Read: 3 Ways BRICS Started the De-Dollarization Process Russia n President Putin and India n Prime Minister Narendra Modi Moscow visit recap: • Putin and Modi set a goal to achieve $100 billion in trade turnover between ...

The platform supports Tether’s USDT stablecoin. Exved has garnered regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation. Exved, a Russian digital settlement exchange, has launched a cross-border payment service that enables local legal entities to conduct international settlements using Tether’s USDT stablecoin. This groundbreaking move showcases a significant step forward in the intersection of traditional finance and the crypto currency landscape, offering a streamlined solution for Russia n businesses engaged in global transactions. Cross-border crypto payment solution for Russians Exved’s crypto cross-border service makes it one of the first platforms empowering local legal entities in Russia to conduct cross-border digital payment services with a focus on cryptocurrencies. The platform operates through a business-to-business (B2B) electronic system, allowing Russian importer...

Binance, the largest crypto exchange by trading volumes, is accused of engaging with sanctioned companies in Russia. Binance on focus An Aug. 22 report from WSJ alleges that despite Binance’s assertion of compliance and non-engagement with sanctioned entities, the exchange continues to operate actively in Russia. Binance started limiting operations in Russia in April 2022. Despite this, the WSJ report pointed to the high ruble-based crypto trades as aggregated from external sources. It is alleged that through several layers of intermediaries, clients can deposit funds directly from sanctioned banks in Russia. At the same time, Binance allegedly continues to facilitate peer-to-peer (P2P) rubles trade for crypto assets. Citing user screenshots and messages in official chat groups, it is claimed that Binance coordinate with sanctioned banks to make this possible. A recent examination of Binance’s service website also revealed that they provided Russian clients access to...

Plaintiffs in a new class-action suit against the hacked crypto wallet Atomic Wallet say the firm didn’t share any information about the hack with clients and didn’t report it to the police. A group of disgruntled crypto currency investors have launched a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June. Dozens of high-net worth investors from Russia and the Commonwealth of Independent States are part of the class action against Atomic Wallet, the German business media agency BNE IntelliNews reported on Aug. 21. The lawsuit is being coordinated by German lawyer Max Gutbrod and Boris Feldman, a co-founder of Moscow legaltech firm Destra Legal. Gutbrod, former partner of over two decades at Baker & McKenzie in Moscow, reportedly claimed that the lawyers are representing about 50 clients who lost a total of $12 million in the aftermath of Atomic Wallet’s breach two months ago. He said: “We are working on recovering the assets for ...