Cryptocurrency exchanges have received approximately $100 billion worth of crypto from known illicit addresses since 2019. This reflects a significant lack of international cooperation in implementing anti-money laundering measures. In 2022, the largest amount of identified “dirty crypto” totaling $30 billion interacted with sanctioned services.
The specific value of frozen assets in other stablecoins remains undisclosed. Stablecoins have become a popular tool for evading sanctions, as they provide a means to bypass restrictions. Venezuelan oil minister Pedro Tellechea emphasized the use of “different currencies, according to what is stated in contracts,” with some contracts favoring cryptocurrency as a payment method.
Tether publicly reaffirmed its commitment to comply with the OFAC SDN list and announced plans to promptly freeze sanctioned addresses in response to Tellechea’s statement.