Office of Foreign Assets Control (OFAC) targeted Russian national Andrey Sudakov for being involved in a complex crypto laundering scheme
Multi-layered laundering scheme whereby payments from the sale of Russian-origin gold were converted into fiat currency and cryptocurrencies through numerous UAE and Hong Kong-based front companies
As reported by blockchain intelligence firm TRM Labs, the Office of Foreign Assets Control (OFAC) also targeted Russian national Andrey Sudakov, who appears to be an employee of U.S.-designated Russian state-owned gold producer Polyus alongside his Hong Kong-based associate Mu Xiaolu for engaging in a complex, multi-layered laundering scheme whereby payments from the sale of Russian-origin gold were converted into fiat currency and cryptocurrencies through numerous UAE and Hong Kong-based front companies.
The Treasury's press release indicated that Hong Kong-based VPower Finance Security Hong Kong Limited was involved in transporting the Russian-origin gold. TRM Labs noted that VPower also offers blockchain-based logistics services, allowing customers to “customize the collection and delivery of valuables through a mobile application.” It remains unclear if VPower's crypto-related services were involved in the scheme mentioned by OFAC.
