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Stablecoins: Huge oil and arms smuggling to Russia exposed

 


Crypto opponents got their act together again yesterday when the US Department of Justice announced the dismantling of an international smuggling cartel . According to the magazine The Block, this traded mainly with the stablecoin Tether (USDT) in order to circumvent the sanctions of the western states against Russia. The official announcement, on the other hand, generally speaks of cryptocurrencies.


In concrete terms, this involved the international smuggling of several million barrels of oil and secret military technology. Currently, 2 Venezuelans and 5 Russians are accused of using cryptocurrencies to effect the corresponding transaction. Authorities in three countries investigated the suspects, including Germany. The accused are said to have operated two companies in Hamburg in order to cover up their activities.


reason for smuggling

The clear reason for the smuggling are the sanctions imposed on both Venezuela and Russia, which make it almost impossible for both countries to conduct global trade relations with countries in the western world. 


While the trade in oil appears to be clearly understandable, experts and New York authorities are more concerned about military technology. This product could, for example, be used in the Russia-Ukraine war or could have been used for a long time. 


Cryptocurrencies at War

Even if this is a negative example, it clearly shows that it is possible to circumvent government sanctions even on a large scale with the help of cryptocurrencies. 


A similar narrative emerged at the beginning of the Russia-Ukraine war. Both sides received massive crypto donations from different camps. The reason for this were rich sympathizers who wanted to support either one side or the other. 


Invaded Ukraine has received over $100 million in cryptocurrency donations since the war began. 


Is the crypto environment getting tougher again?

But many now fear that after this story, the environment for cryptocurrencies, especially in the US, could harden again. However, this should be considered more differentiated. After all, it is not bitcoin or ether that is directly affected and that is already well established among the population. 


Things are actually getting tighter and tighter for the stablecoins, which will soon be subject to more and more regulation and are therefore also exposed to significantly more pressure. The Terra Luna bankruptcy and the current incident in connection with Tether have shown that the supposedly “stable” coins are quite vulnerable. 

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