Public Key

Crypto Custody In The Wake Of MICA Regulations In this episode of Public Key, our host, Ian Andrews (CMO at Chainalysis) is joined by Alan Draguilow (Head of Product & Operations, Prosegur Crypto) to consider the impact of the controversial MICA regulations that are making their way through the EU legislative process.  Alan talks about the evolution of Prosegur from physical to digital asset security and how this will enable financial institutions to feel safer in entering the crypto market.  The conversation addresses the quickly moving adoption in Latin America and the challenges with the inconsistent approach to crypto regulations around the world for International companies attempting to release products globally. We are proud to highlight that Prosegur is a client of Chainalysis.  Minute-by-minute episode breakdown (2:19) – Alan’s origin story, why Ethereum blew his mind and being caught up in the DAO hack (6:25)  – What is Prosegur and how they are handling physical assets and crypto assets  (9:15) – The differences between physical asset security and digital asset custody (12:00) – The cryptocurrency market and adoption in Spain (14:27) – What is MICA and how does it impact cryptocurrency companies in the EU (17:35) – Why banks and large financial institutions in Spain are waiting for MICA regulations before moving quickly into the crypto market (20:20) – The issues with inconsistent regulation in EU and in USA and how International crypto companies navigate this area (24:00) – How LATAM is  leading the way in crypto regulation and adoption ahead of USA and the EU  (27:57) - How the remittance market between Europe and Latin has opened up a need for cryptocurrency  Related resources Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key. Video: Chainalysis Links New York 2022 (Video Replays)  Blog: Banks Need to Understand Their Cryptocurrency Exposure Even If They Don’t Take Custody of Cryptocurrency Announcement: Asset Reality and Chainalysis partner with Grant Thornton to offer pioneering solution for crypto recovery investigation Article: Mutua Madrid Open and Prosegur include a smart robot dog in their security device for the first time Report: The Chainalysis 2022 Crypto Crime Report Website: Prosegur: Physical and Digital Asset Custodian Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Alan Draguilow (Head of Product & Operations, Prosegur Crypto) https://www.linkedin.com/in/alan-draguilow **Note: We are proud to highlight that Prosegur is a Client of Chainalysis  This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company. 

The Lazarus Heist: A Peek Inside North Korea's Global Cyber War In this episode of Public Key, our host, Ian Andrews (CMO at Chainalysis) along with International Investigative Journalist and Author, Geoff White who has just finished his book, The Lazarus Heist, brings the chapters to life discussing the Sony Productions sabotage, the biggest DeFi hack to date on Ronin Bridge Exchange and the cyber warfare on cryptocurrency exchanges and traditional financial institutions alike. Only Geoff could dive deep into the complexities and showmanship of the most well known, state sponsored criminal hacker group in the world.  The Lazarus Group and capture such riveting details.  Quote of the episode “It seems like a volume of  hundred dollar bills that were counterfeit, over a long period of time, were originating out of North Korea. Like they were just printing their own US currency..- Ian Andrews (Chief Marketing Officer, Chainalysis)  Minute-by-minute episode breakdown (1:19) – The origin story of Geoff White and using bitcoin to buy drugs on silk road   (5:45)  – How the Lazarus Group Hackers crippled Sony Production Studios  (10:01) – How crippling sanctions has led North Korea to turn to illicit activity to fund their economy (12:45) – The Superdollar and North Korea’s counterfeit USA hundred dollar bill operation (16:27) – Why Lazarus Group was unable to complete a billion dollar heist (18:05) – Explanation of the Axie Infinity Ronin Bridge Hack of $600 Million (21:20) – How do get better reporting and intel regarding ransomware and cyber attacks (23:00) – Is North Korea using dormant cryptocurrency addresses with stolen funds as an off-shore credit line? (27:32) - The nuances of the hack of The Cosmos Bank in India using International accomplices found on the Dark Web Related resources Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key. Video: Chainalysis Links New York 2022 (Video Replays)  Book: The Lazarus Heist: From Hollywood to High Finance: Inside North Korea's Global Cyber War Podcast: The Lazarus Heist on BBC News World Service Blog: Lazarus Group Pulled Off 2020’s Biggest Exchange Hack and Appears to be Exploring New Money Laundering Options Blog: North Korean Hackers Have Prolific Year as Their Unlaundered Cryptocurrency Holdings Reach All-time High Report: The Chainalysis 2022 Crypto Crime Report Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Geoff White (Author, The Lazarus Heist: From Hollywood to High Finance: Inside North Korea's Global Cyber War) https://www.linkedin.com/in/geoffwhite247 This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.   

Unraveling The Ransomware Supply Chain Whether it be zero day exploits, compromised and sold credentials and malware delivered via suspicious office documents or links, this episode covers the nuances of ransomware and the organizational structure, supply chain and recovery options of some of the biggest exploits in the news.  In this episode of Public Key, our host, Ian Andrews (CMO at Chainalysis) along with his colleague, Brian Carter (Senior Cybercrimes Specialist) describe the ransomware ecosystem, vulnerabilities that are exploited and some of the biggest illicit threat actors driving these underworld enterprises. Brian gives us an inside look at organizational structure and financial instability in the ransomware market, while giving practical advice for those that may fall victim to these ransomware attacks.  Minute-by-minute episode breakdown (2:19) – What is ransomware and who are the targets for these illicit actors  (4:45)  – Why banning cryptocurrency isn’t an easy way to mitigate ransomware attacks (6:20) – Are zero day exploits still the most popular vulnerability or are there other trending exploits (8:45) – What part does compromised credentials play in mounting targeted ransomware attacks (12:15) – Why ransomware is like a MLM Scheme, where only a few are walking away with alot of money  (19:30) – What is a ransomware supply chain and what is a ransomware kill chain (22:40) – How does the impact of the shutdown of Hydra market impact the ransomware ecosystem Related resources Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key. Blog: As Ransomware Payments Continue to Grow, So Too Does Ransomware’s Role in Geopolitical Conflict Article: Cryptojacking: How the crypto boom is driving malware infections Blog: Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity Blog: Chainalysis In Action: How FBI Investigators Traced DarkSide’s Funds Following the Colonial Pipeline Ransomware Attack Report: The Chainalysis 2022 Crypto Crime Report Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Brian Carter (Senior Cybercrimes Specialist, Chainalysis) https://www.linkedin.com/in/brianccarter/ This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.   

Behind The Scenes Of The BadgerDAO Hack The BadgerDAO hack was one of the most unique exploits in what would be a string of DeFi hacks that have taken place in 2021 and 2022.  Over $120 Million of user funds were siphoned out of the DAO due to compromised API keys and a malicious exploit into the Cloudflare infrastructure, an application platform that ran on Badger’s cloud network.  In this episode of Public Key, our host, Ian Andrew (CMO at Chainalysis) along with his colleague, Beth Bisbee (Head of US Investigations) dive deep into the nuances of the hack and identify how the exploit took place, how blockchain investigations tools like Reactor play a crucial part in the tracing of the stolen funds and how hacks like this may be avoided in the future.  This is an important episode for those that are transitioning into web3 with reliance on web2 applications and technology. Minute-by-minute episode breakdown (4:45) – Understanding the BadgerDAO organization and how they bring Bitcoin to the Decentralized Finance (DeFi) space (7:30 – How did the BadgerDAO hack occur and where did the exploit take place (9:33) – Why it was so difficult to users to notice the hack or unusual activity  (11:00) – How the hacker was able to exploit API keys and gain access to developer email address (16:35) – How was the hack identified and how the community escalated the issue (18:18) – What leads can be identified pre the attack in order to better chances of catching the hackers  (22:40) – Explaining the investigative process when a hack happens on the blockchain  (26:30) – How to safely transition from web2 to web3 on DAOs and DeFi platforms  (28:25) – The emergence of multifactor hardware based authentication  Related resources Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key. Registration: Chainalysis Links Conference (May 18-19, 2022)  Blog: Defi Hacks Are on the Rise CoinDesk Article: BadgerDAO Reveals Details of How It Was Hacked for $120M Report: The Chainalysis 2022 Crypto Crime Report Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Beth Bisbee (Head of US Investigations, Chainalysis) https://www.linkedin.com/in/beth-bisbee-49253932 Please note that BadgerDAO is a Chainalysis customer.  This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.   

Last month, German authorities with assistance from US law enforcement shut down Hydra Market, which was the world’s largest darknet market by transaction volume despite serving only Russian-speaking countries. Soon after, Hydra was sanctioned by the U.S. government as well. In this episode of Public Key, our host, Ian Andrew (CMO at Chainalysis) along with his colleague, Kimberly Grauer (Director of Research) sit down with Ian Gray (Senior Director, Research & Analysis) and Vlad Cuiujuclu (Team Lead, Global Intel) of our partner company, Flashpoint Intel to cover how this historic takedown happened. They’ll also discuss how Hydra operated for so long virtually uninterrupted by Russian law enforcement, where Hydra vendors may migrate, and which other darknet markets may step in to fill the enormous void. We’re proud to share that this week’s episode features guests from Chainalysis partner, Flashpoint Intel. Minute-by-minute episode breakdown (2:00) – Behind the scenes of the biggest Darknet Marketplace shutdown in the World  (4:45) – How was such a prolific Darknet Marketplace able to operate in broad daylight  (7:15) – Onchain blockchain activity and major counterparties in the Hydra ecosystem  (8:53) – The significance of Hydra having its servers in Germany and how that may have lead to the shutdown (13:35) – Hidden Treasure and the elaborate mixing and cash out services facilitated by Hydra (17:00) – How the pandemic slowed Hydra’s growth expansion into other areas of Europe (21:15) – Discussions on who will fill the void afterHydra being shutdown  (29:45) – How EU, Singapore and Canada are approaching the Travel Rule with respect to self-hosted wallets (32:58) - The Million Dollar Interoperability question and what that means to the industry with multiple Travel Rule solution vendors Related resources Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key. Registration: Chainalysis Links Conference (May 18-19, 2022)  Blog: German Authorities Seize Hydra’s Servers, Close the Largest Russian-Language Darknet Market Blog: The Great Cyber Exit: Why the Number of Illicit Marketplaces Is Dwindling Blog: OFAC Sanctions Hydra Following Law Enforcement Shutdown of the Darknet Market, As Well As Russian Exchange Garantex DOJ Press Release: Justice Department Investigation Leads To Shutdown Of Largest Online Darknet Marketplace Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Ian Gray (Senior Director, Research & Analysis, Flashpoint Intel) https://www.linkedin.com/in/ian-gray-4aa20544 Vlad Cuiujuclu (Team Lead, Global Intel, Flashpoint Intel)         https://www.linkedin.com/company/flashpoint-intel/ Kimberly Grauer (Director of Research, Chainalysis) https://www.linkedin.com/in/kimberly-grauer-a9501144 "We want to remind you that we are proud to have one of our partners, Flashpoint Intel, on the podcast" This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company. 

Everything You Need To Know About The Cryptocurrency Travel Rule Episode 4 of Public Key, the Chainalysis podcast, is here! We’re proud to share that this week’s episode features Pelle Brændgaard, CEO of one of our partners, Notabene. Almost everyone working at the intersection of cryptocurrency and compliance is aware of the Travel Rule, but with so many different service providers and implementation hurdles, not many understand the full requirements of this regulatory guidance.   In this episode of Public Key, our host, Ian Andrews, CMO at Chainalysis, sits down with Pelle Brændgaard, CEO of Notabene. Notabene is a leading Travel Rule solution provider and proud partner of Chainalysis. In this podcast, Ian and Pelle discuss the origins of the Travel Rule, the requirements it demands from Virtual Asset Service Providers around the world, and a few rarely discussed benefits cryptocurrency businesses can tap into by becoming Travel Rule-compliant now. Minute-by-minute episode breakdown (1:13) – Pelle goes down the crypto rabbit hole via the cypherpunk era of cryptocurrency  (4:15) – Why the Notabene team was excited by FATF’s guidelines to enhance counterparty verification for virtual asset service providers (7:00) – What is the Travel Rule and what is the purpose behind its implementation (9:55) – What are the operational and technical issues with the Travel Rule and how can they be solved (15:05) – What changes do Virtual Asset Service Providers (VASPs) have to make in order to implement Travel Rule solutions  (20:25) – When are VASPs going to start rolling out the Travel Rule solutions and is the industry too optimistic about meeting FATF’s requirements (26:53 – How proposed EU regulations could expand the Travel Rule even further than currently suggested by FATF (29:45) – How EU, Singapore and Canada are approaching the Travel Rule with respect to self-hosted wallets (32:58) - The Million Dollar Interoperability question and what that means to the industry with multiple Travel Rule solution vendors Related resources Check out more resources from Chainalysis that perfectly complement this episode of the Public Key. Registration: Chainalysis Links Conference (May 18-19, 2022)  Blog: How Can VASPs Ensure Travel Rule Compliance on Transactions Involving Unhosted Wallets? Blog: The Cryptocurrency Travel Rule and Interoperability: 10 Things Every VASP Must Know Report: Notabene: The State of Crypto Travel Rule Compliance Report 2022 Notabene Jobs: Notabene is a reg-tech compliance SaaS solution that connects the traditional financial industry and crypto industry. Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Pelle Brændgaard (Chief Executive Officer, Notabene)              https://www.linkedin.com/in/pelleb "We want to remind you that we are proud to have one of our partners, Notabene on the the podcast" This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions

Public Key Episode 3 preview: Executive Orders, Lobbying DAOs and The Impact Politics Plays on the Cryptocurrency industry  Executive Orders have proven to be an expedient method to get the wheels in motion at the highest levels of the legislative branch and although the recent Executive Order has been met with extreme positivity by the cryptocurrency industry, there are some areas of concern from both the government and the industry’s key stakeholders.  In this episode of Public Key, our host, Ian Andrews, CMO at Chainalysis, sits down with his colleague,  Clark Flynt-Barr, Senior Policy Advisor at Chainalysis to breakdown the main objectives of the Executive Order and how will this could  benefit the crypto industry and highlight any challenges future regulation could have on continued innovation.  They jump into subjects like DAOs in lobbying, statistics behind the unbanked/underbanked in the United States and what we can expect from the government agencies 180 days from the order.  Minute-by-minute episode breakdown (2:04) – What is an executive order and did the crypto industry get regulatory clarity from this order (4:45) – The Executive Order objectives and why is this positive for the cryptocurrency industry  (9:15) – The areas of concern found in the executive order  (11:03) – How rogue nation states are utilizing crypto to evade sanctions and conduct illicit activity  (16:35) – What are the next steps after an executive order has been released? (18:25) – Does recent acts highlighted by Senator Warren put the cryptocurrency industry at risk? (20:45) – How does cryptocurrency impact USA midterm elections and is it a platform to campaign on  (23:25) – How can a DAO be formed to Lobby on Capitol Hill and What does this mean for the future of political fundraising  (26:25) - What does it mean from a policy perspective to move innovation forward in a regulated environment  (31:05) - What are the positives of the Executive Order and how does benefit the unbanked or underbanked population in the USA Related resources Check out more resources from Chainalysis that perfectly complement this episode of the Public Key. Blog: Biden’s Executive Order Signals the United States’s Commitment to Responsible Innovation in Crypto Blog: OFAC Sanctions Hydra Following Law Enforcement Shutdown of the Darknet Market, As Well As Russian Exchange Garantex Report: The Chainalysis 2022 Crypto Crime Report  Video: Chainalysis Links NYC Recap, Part 1: Cryptocurrency Regulations and Innovations in Focus Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Clark Flynt-Barr (Senior Policy Advisor, Chainalysis) https://www.linkedin.com/in/clark-flynt-barr-33026223 This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company. 

Soon after Russia’s invasion, Ukrainian leaders knew they had to raise charitable donations for weapons, armor, and other supplies for the war effort. But due to the military nature of the spending, many traditional fundraising methods were restricted for Ukraine. That’s when the country decided to leverage the power of cryptocurrency to raise funds from donors around the world.  In this episode of Public Key, our host, Ian Andrews, CMO at Chainalysis, sits down for an encore presentation with his colleagues,  Kimberly Grauer, Director of Research,  and Salman Banaei, Head of Public Policy for North America, to discuss emerging cryptocurrency adoption in Ukraine and the benefits of cryptocurrency humanitarian fundraising efforts. The trio also touches on how illicit actors take advantage of these crises for scamming, and on whether or not cryptocurrency exchanges should heed Ukrainian officials’ requests to ban Russian users from their platforms — this comes as ruble trading volumes on exchanges have spiked in recent weeks. The informative discussion continues with data-driven reasoning as to why Russian oligarchs are not evading sanctions via large value cryptocurrency transactions. Finally, the panel concludes the conversation by examining inflows and outflows of cryptocurrency exchanges frequented by Russian users and analyzing the activity of Russian cryptocurrency whales.  Minute-by-minute episode breakdown (1:05) – How Cryptocurrency usage is being adopted by Ukraine and other jurisdictions (3:50) – The benefits of Cryptocurrency when traditional financial markets are restricted  (5:20) – Scams that take advantage during crisis and political turmoil  (8:25) – Should cryptocurrency exchanges restrict non-sanctioned Russian users (10:05) – Why NGOs could start using cryptocurrency for relief efforts and the use of the Ruble (12:05) – Oligarchs don’t appear to be using large amounts of cryptocurrency to evade sanctions  (14:55) – The net outflows of Russian cryptocurrency exchanges remain relatively flat  (16:05) – Most concentration of cryptocurrency whales were in the Russian Time zones  Related resources Check out more resources from Chainalysis that perfectly complement this episode of the Public Key. Blog: Cryptocurrency Brings Millions in Aid to Ukraine, But Could It Also Be Used For Russian Sanctions Evasion? Report: The Chainalysis 2021 Geography of Cryptocurrency Report  Webinar: The Chainalysis 2021 Geography of Cryptocurrency Report, Part 1 of 2  Blog: Six Steps Exchanges Can Take to Comply With Cryptocurrency Sanctions  Report: The Chainalysis 2022 Crypto Crime Report  CoinDesk: Ukraine Details What Crypto Donations Are Being Spent On  Speakers on today’s episode Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews Kimberly Grauer (Director of Research, Chainalysis)  https://www.linkedin.com/in/kimberly-grauer-a9501144 Salman Banaei (Co-head of Policy, Chainalysis) https://www.linkedin.com/in/banaei This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.  Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company. 

Russian Oligarchs are the current topic of conversation when it comes to using cryptocurrency to evade significant sanctions imposed and adopted by global leaders. Could cryptocurrency be the way that illicit actors move their fortunes out of Russia without access to the SWIFT network? Host, Ian Andrews, CMO at Chainalysis sits down for the inaugural Chainalysis podcast series with colleagues,  Kim Grauer, (Director of Research, Chainalysis)  and Salman Banaei (Co-head of Policy, Chainalysis) and discuss the potential for Russia to evade sanctions with cryptocurrency and the relation to Russia and the increase of ransomware in the industry. This panel uses a wealth of Chainalysis data highlighted in the 2022 Crypto Crime report to shed some light on Moscow City as a hub for illicit activity and provides a detailed breakdown of the infrastructure connecting Russia to notorious ransomware organizations.  The transparency of the blockchain is highlighted in the infamous ransomware attack on American soil and policy discussions highlight Russia’s move away from the USA dollar and the role the digital Yuan plays in the China / Russia relationship. The audience is in for some real life scenarios of the blockchain being compared to traditional bank robberies and the conversation finishes discussing Chainalysis recent announcement of “on-chain” sanctions oracles and API’s to provide transaction monitoring of sanctioned parties to DeFi and beyond.  Timestamps (0:46) – What Does The Head of Research At Chainalysis Do? (2:43) – What Does The Head of Policy At Chainalysis Do? (4:00) – USA Lawmakers are accelerating activity in a sign that crypto is here to stay  (5:00) – The intersection of Russia, ransomware, malware and cryptocurrency  (10:15) – The cross collaboration of illicit ransomware organizations  (12:15) – How ransomware as a service operates as a legitimate yet illegal business model (13:30) – How crypto money launderers are acting in broad daylight in Moscow City (15:00) – Are companies prepared to prevent or react to a ransomware attack  (16:00) – How the colonial pipeline ransomware was broken up by law enforcement  (18:00) – Why Russia won’t be able to significantly evade sanctions using cryptocurrency  (21:03) – How Russia is moving further away from settling in USD$ and moving towards Chinese Yuan (23:15) – Why the digital Yuan going to play a bigger role as alternative payment rail for Russia (24:39) – How proactive measures to sanction ransomware laundering exchanges out of Russia paved the way for crypto sanction monitoring  (26:00) – How cryptocurrency transaction monitoring is similar to die packs placed in bags of cash at the bank  (27:13) – The release of the Chainalysis on-chain oracle and API to detect sanctions exposure for smart contracts and DeFi protocols  Resources: How FBI Investigators Traced DarkSide’s Funds Following the Colonial Pipeline Ransomware Attack (Blog): https://blog.chainalysis.com/reports/darkside-colonial-pipeline-ransomware-seizure-case-study/ Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity (Blog): https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/ The Chainalysis 2022 Crypto Crime Report: https://go.chainalysis.com/2022-crypto-crime-report.html Chainalysis launches free sanctions screening tools (Chainalysis Blog): https://blog.chainalysis.com/reports/sanctions-screening-tools/ How Chainalysis Helps Compliance Teams Address Sanctions Red Flags (Blog): https://blog.chainalysis.com/reports/fincen-russia-sanctions-red-flags-chainalysis/ Speakers: Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews  Kimberly Grauer (Director of Research, Chainalysis)  https://www.linkedin.com/in/kimberly-grauer-a9501144 Salman Banaei (Co-head of Policy, Chainalysis) https://www.linkedin.com/in/banaei **The above contains links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material. 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