Access to global crypto exchanges has been limited for Russian crypto traders in light of sanctions due to which they have been looking for ways to enjoy unrestricted access.
Cybersecurity experts revealed that accounts offering unrestricted access to global crypto exchanges to Russian crypto traders have become quite rampant on the dark web in the past year.
There is an increasing number of ready-made accounts that are being sold to Russian residents for crypto exchanges.
Even though this phenomenon is not new, as money launderers and fraudsters often employ these accounts, there has been a rise in supply.
This is likely due to the restrictions that have been imposed on customers from Russia on various trading platforms, in compliance with sanctions due to the war with Ukraine.
These accounts have been purchased by Russian residents even though there are dangers associated with them, as those selling them could still retain access to the accounts.
However, the fact remains that they are available for very low prices, and their numbers have doubled in the darknet markets since the beginning of 2022.
Security analysts have also revealed that the number of new advertisements posted for verified and ready-made wallets on different exchanges in December had climbed to 400.
Late last month, it was also revealed in a report that there had been an increase in proposals aimed at preparing fake documents for complying with the know-your-customer (KYC) requirements on platforms.
The price of simple login data, such as the username and password, costs around $50. A buyer is charged a price of about $300 for an account that has been fully set up.
This means that it would also come with the documents that have been used for registering it. Security analysts explained that the price charged for an account depends on a number of factors.
These include the date and country of registration and also the activity history. Accounts that are older tend to be priced higher.
It was also highlighted by experts that there are two categories of buyers that can be found. First off are those Russians who do not have any other choice because they need an account for their daily work.
The second category of buyers is Russians who need these accounts for criminal activities. Most experts have asserted that the demand has gone up mostly because of the restrictions.
In light of sanctions, crypto exchanges have blocked Russian accounts, or have also restricted withdrawals in recent months to Russian bank cards.
Most of the prominent crypto service providers, including top crypto exchanges, have complied with the sanctions imposed by the West over the Russia and Ukraine conflict.
Binance, the biggest crypto exchange in the world, had mentioned last year that while it was restricting entities and individuals who had been sanctioned, they were not imposing a full ban on Russians.
But, many Russian users complained at the end of last year that their accounts on Binance had been blocked without any explanation.