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US Treasury’s Office of Foreign Assets Control (OFAC) Sanctions Developer at OKO Design Bureau
The US Treasury’s Office of Foreign Assets Control (OFAC) took action against a developer at OKO Design Bureau on May 1, a Russia-based drone maker. OFAC sanctioned the developer and added three crypto addresses associated with the firm to the Specially Designated Nationals (SDN) list.
Background
According to OFAC’s press release, the OKO Design Bureau developer is one of the 300 individuals and entities sanctioned to limit Russia’s access to the global financial system and disrupt its influence in the war against Ukraine, as the country is reportedly using cryptocurrency to evade sanctions imposed by the US and others.
OFAC Sanctions Reveals Crypto Addresses Are Used to Solicit Donations
A report by blockchain investigator Chainalysis revealed that OKO Design Bureau operated a Telegram channel to solicit crypto donations. This channel provided detailed descriptions and videos of its operations, including testing with the Russian Ministry of Defense and deploying unmanned aerial vehicles (UAVs) against Ukraine.
Low Success in Fundraising
Despite these efforts, OKO Design Bureau’s crypto donation collection amounted to less than $1,000, indicating limited success in fundraising through cryptocurrency.
Impact and Response
In response to these developments, Secretary of the Treasury Janet L. Yellen emphasized that OFAC sanctions on crypto addresses would disrupt Russia’s war strategies.
OFAC Sanctions on Crypto Addresses Heats Up
In recent years, individuals and entities seeking to evade sanctions imposed by the OFAC have turned to cryptocurrency due to its anonymity.
Recent Cases
On March 27, the OFAC, in collaboration with the UK’s Office of Foreign Sanctions Implementation (OFSI), sanctioned two individuals and three entities involved in fundraising for Hamas following attacks on Israel.
Conclusion
The OFAC sanctions list became active in 2018 and has continued to investigate and prohibit crypto and non-crypto-related crimes, developers, and companies tied in suspicious programs.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
