Elliptic Report: Russian-Linked 'Shadow Network' Evades Sanctions Through Crypto Exchanges, Involving $11 Billion

The latest report from blockchain analysis firm Elliptic identifies a “shadow network” of cryptocurrency exchanges linked to Russia that are facilitating sanctions evasion through large-scale crypto transactions, naming five platforms—most of which have not yet been sanctioned and continue to provide Russian entities with channels to bypass traditional banking oversight. ABCeX is identified as the largest among them, having processed at least $11 billion in cryptocurrency transactions to date. The report also reveals that, despite claiming to exit the Russian market, Exmo continues to share custodial wallet infrastructure; Rapira, registered in Georgia with an office in Moscow, is linked to over $72 million in direct transactions with the sanctioned exchange Grinex; Bitpapa evades monitoring by frequently changing wallet addresses; and Aifory Pro offers cash-to-crypto exchange services in Moscow, Dubai, and Turkey. The analysis indicates that previously identified cryptocurrency-based sanctions evasion infrastructure targeting Russia has not disappeared but has instead become more dispersed across additional platforms.