Signs are mounting that regular Russians are turning to cryptocurrency companies to help them as they watch their wealth shrink before their very eyes thanks to the collapsing ruble, according to data cryptocurrency analysis firm Chainalysis shared with The Daily Beast.
“Since the invasion, there’s been an uptick in transaction volumes for trading pairs involving the Russian ruble, with two spikes on 2/24 and 2/28,” Chainalysis’ head of public policy for North America, Salman Banaei, told The Daily Beast.
Analysis from cryptocurrency analysis firm Kaiko found similar surges.
One official with knowledge of the mounting campaign to seize the assets of sanctioned tycoons told The Daily Beast that wealthy Russians have already been observed meeting in bars, restaurants, and clubs with longtime financiers in Europe’s economic capitals—likely gaming out their options for how to rescue their fortunes from Russia’s tanking economy.
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