Overview
- Elliptic names Bitpapa, ABCeX, Exmo/Exmo.me, Rapira and Aifory Pro as channels converting rubles to crypto through P2P networks, brokered trades and shared custodial wallets.
- Bitpapa, sanctioned by OFAC in 2024, directs about 9.7% of outflows to sanctioned targets including Garantex while masking activity through constant wallet rotation.
- ABCeX operates from Moscow’s Federation Tower, has processed at least $11 billion, and has sent funds to Garantex and Aifory Pro using wallet-hiding tactics.
- On-chain data shows Exmo.com and Exmo.me share identical custodial wallets, with more than $19.5 million in direct transactions to sanctioned entities such as Grinex and Chatex.
- Rapira moved over $72 million with Grinex and reportedly faced a Moscow raid, while Aifory Pro runs cash-to-crypto services and USDT-funded virtual cards with roughly $2 million linked to Abantether.