Benzinga – Andrey Zverev, a self-proclaimed Russian smuggler, has been using Tether (CRYPTO: USDT), a popular cryptocurrency, to facilitate transactions for procuring high-tech equipment and weapons parts, helping Russian companies bypass Western sanctions.
What Happened: Zverev, a middleman for Russian companies, has been using Tether to facilitate transactions for the purchase of high-tech equipment and weapons parts, The Wall Street Journal reported. In one instance, Zverev used Tether to transfer millions of dollars from Kalashnikov Concern, Russia’s largest small-arms manufacturer, to an electronics distributor in Hong Kong.
Zverev wrote in a Telegram chat and has been using Tether to convert rubles into cryptocurrency and pay foreign suppliers in countries like China and the Middle East. This has allowed Russian companies to continue their trade despite Western sanctions.
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