In response to U.S. sanctions against Russia, Chainalysis provides monitoring tools to identify sanctioned crypto wallets.

The blockchain analysis company Chainalysis announced on the 10th that it is offering a new free tool for monitoring encrypted sanctions, which can identify sanctioned cryptocurrency wallets. This identification tool is based on an oracle built on smart contracts, and is available for everyone to use.

Blockchain analysis company Chainalysis announced on the 10th that it is offering a new free tool for monitoring crypto sanctions to identify sanctioned cryptocurrency wallets. This identification tool is based on an oracle built on smart contracts, which is accessible to everyone.

According to Chainalysis, due to the transparency of blockchain, it is difficult for Russia or financial elites to evade sanctions on a large scale through cryptocurrencies without being detected. However, like the traditional financial system, some sanctioned Russians may still try to use cryptocurrencies as a way to evade sanctions.

As reported by The Block, Bitcoin, Litecoin, and Ethereum appear most frequently on the sanction lists after testing.

Chainalysis provides a oracle for verification, which can identify smart contracts of sanctioned wallets on Ethereum and EVM-compatible networks (such as Polygon and Avalanche). This monitoring tool will be updated as trade embargo lists from the U.S., EU, or the United Nations change. The smart contracts can be used by anyone without the need to establish a client relationship with Chainalysis.

Chainalysis has released a free API that allows users to integrate the Chainalysis oracle with many programming languages, including web3.js, Solidity, and Javascript.