Costs can be more than just tangible financials. I ran across this item, dating from late March, in material I was skipping due to my primary computer being burned out earlier this year.
Since the start of the Middle East conflict, Iran has witnessed massive cryptocurrency flows.
Experts say they are being used to circumvent sanctions placed on Iran’s Revolutionary Guards as well as a financial safe haven by civilians hit by soaring inflation.
AFP examines how exactly digital currencies are being used in the country.
– Millions of dollars –
In an unusually large movement, more than $10 million worth of cryptocurrencies left Iranian exchange platforms between February 28 — the first day of Israeli-US airstrikes — and March 2, according to data analytics firm Chainalysis.
By March 5, nearly one-third of these funds had been transferred to foreign exchanges. [AL-Monitor]
When sanctions are imposed as punishment, discovering that they’re being evaded by a clever adversary shouldn’t come as a surprise – but counted as a cost. Notably, however, the Trump family and eponymous company have invested in cryptocurrencies, which leaves me wondering how much of that was grifting via the $TRUMP memecoin, and how much is the Trump’s avoiding monitoring and taxes through nefarious means.
Some readers will also recall that the Trumps may be maneuvering to stop losses related to these investments of late. Another hint of cryptocurrencies being a troubled field comes from Molly White, no relation:
Largest North American bitcoin ATM operator, Bitcoin Depot, files for bankruptcy
The company’s bankruptcy filing reports between $10 million and $50 million in both assets and liabilities. In a recent financial disclosure, the company had reported a 49% year-over-year reduction in revenue and a net loss of $9.5 million for the year. The company had also suffered a $3.67 million hack
The company’s bankruptcy filing reports between $10 million and $50 million in both assets and liabilities. In a recent financial disclosure, the company had reported a 49% year-over-year reduction in revenue and a net loss of $9.5 million for the year. The company had also suffered a $3.67 million hack in April. [Web3 is Going Just Great]
