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Crypto is Largely Used to Trade Weapon Parts in Russia- Report 

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Tether (USDT) is one of the most popular cryptocurrencies, primarily used by institutions to maintain the reserve. A sudden boost in crypto circulation and crypto market capitalization is seen. 

As per available data, Andrey Zverev, a self-proclaimed Russian smuggler, has been using the USDT to deal with high-tech equipment and weapons parts, which help the regional companies bypass Western sanctions. 

The facts about the usage of Tether for buying weapons parts and other equipment were primarily reported by The Wall Street Journal. The media outlet also highlighted that Zverev used Tether to pay millions of dollars to an electronic distributor in Hong Kong.     

In a telegram post, Zverev wrote that other than equipment payments, he used USDT to convert rubles into crypto and pay international suppliers in nations like China and the Middle East. 

Other News 

As per the TRM Labs, the Tron network is the most preferred network for hackers, especially those associated with North Korea. The firm claims bad actors frequently exchange the stolen currency over the network. 

However, the analysis firm reports that Tether (USDT) has evolved as the most preferred cryptocurrency for terror funding. From the total volume of USDT in 2023, $19 billion worth of illicit funds were operated using USDT. 

USD Coin (USDC) illicit volume in 2023 was $428.9 Million; several analysts say stablecoin is convenient to use or exchange. The usage of cryptocurrency on the dark web has surged in drug sales in 2023. 

After the meeting of FTX Digital’s Joint Official Liquidators in the Bahamas, it came to the news that the FTX bankruptcy estate had prepared a roadmap to start repaying its customers by the end of this year.  

The unprecedented collapse of FTX has raised questions about the management behind the exchange and its motive. Over a billion dollars outflows the market in a few hours, resulting in estimated losses of $100 Billion.

Crypto Market Price Update 

The cryptocurrency market capitalization fell 1.57% in the past 24 hours; at the time of writing, it was $2.62 Trillion. The intraday trading volume of the cryptocurrency market is $82.28 Billion. 

Bitcoin’s (BTC) price has surged more than 12.10% in the past 30 days. Analysts believe that the spike in the price is fueled by the recently approved spot ETF. The trading volume of BTC grew 50.78% in the past 24 hours. 

Core (CORE) prices grew by 196% in the past seven days, making it the list topper, followed by Dogwifhat (WIF) by 61.20%. Conflux (CFX) slipped 10.36% intraday when writing was trading at $0.4265.  

The fear and greed index by CoinMarketCap states immense greed in the market.

Dogwifhat (WIF) has been discussed mainly as its price has grown more than 100% in the past few weeks. It also became the most grown memecoin in the past 52 weeks; the coin was registered below $1.00 but over $4.50 in a few weeks.  


The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.

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