The U.S. government has shifted away from seizing assets from sanctioned Russian oligarchs such as this yacht owned by the Russian billionaire Alisher Usmanov. Instead, authorities are taking down their money laundering networks and other financial systems. (Photo by Focke Strangmann/AFP via Getty Images)

IRS gives Ukraine tools to expose Russian oligarchs hiding riches in crypto exchanges

The agency's crime-fighting unit will provide licenses and training for a Chainalysis platform to track Russian oligarch's assets in Ukraine.
North Korea
Students of the Pyongyang Jang Chol Gu University of Commerce watch footage on March 25, 2022, of the previous day’s launch of the Hwasong-17 missile — North Korea’s first ICBM test since 2017. (Photo by KIM WON JIN/AFP via Getty Images)

Treasury updates Lazarus Group sanctions with digital currency address linked to Ronin Bridge hack

The address received $600 million in Ethereum and other digital currency during the March attack, crypto-tracking company Chainalysis said.
One of Russian oligarch Alisher Usmanov’s prestigious villas on the Costa Smeralda in Sardinia, also affected by the EU’s economic sanctions aimed at countering the conflict in Ukraine on March 20, 2022 in Porto Cervo, Italy. Italian authorities have seized several villas and yachts owned by wealthy Russians targeted by EU sanctions in the wake of Russia’s invasion of Ukraine. (Photo by Contributor#8526142/Getty Images)

A practical reason why crypto might not work for large-scale sanctions evasion

According to crypto-tracking company Chainalysis, the markets probably couldn't handle it without prices tanking.