Russia | ForkLog

ForkLog 52 03.02.2024

Illegal Mining Farm with 378 Devices Discovered in Dagestan

Police in the city of Kizilyurt uncovered illegally connected cryptocurrency mining equipment within an unnamed gardening association. This was reported by the press service of the Ministry of Internal Affairs for the Republic of Dagestan. The mining farm was located in an auxiliary room. Law enforcement seized 378 devices. “The connection to the power lines […]

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ForkLog 13 02.02.2024

Russia Proposes Amendments for Stablecoin Use in Foreign Trade

A group of deputies from the Communist Party faction has submitted a bill to the State Duma introducing the concept of a secured stablecoin and permitting its use in foreign trade transactions. The document is published in the parliamentary electronic database. The amendments are proposed for the law “On Digital Financial Assets” (“On DFA”) and […]

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ForkLog 18 01.02.2024

OKX Sees Fivefold Increase in Russian Traffic in 2023

By the end of 2023, traffic from Russia to the cryptocurrency exchange OKX surged by approximately 400%—from 250,000 to nearly 1.25 million visits. This is according to data from the analytics service SimilarWeb. Russia now ranks alongside Mexico and Japan as one of the top three countries driving traffic to OKX. The main surge began […]

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ForkLog 18 01.02.2024

Russia’s Bitcoin Mining Potential and Regulatory Critique

Cryptocurrency market regulation in Russia is progressing at a sluggish pace, despite the sector’s potential to contribute significantly to the national budget. This was highlighted by participants at the RBC-Crypto forum titled “Mining and Cryptocurrencies: Architecture of Growth.” According to the Industrial Mining Association, large data centers dedicated to cryptocurrency mining could provide liquidity for […]

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ForkLog 12 30.01.2024

Illegal Mining Farm Discovered in Unfinished House in Irkutsk Region

Police in the Irkutsk region conducted a raid in the village of Zalari, uncovering an illegal mining farm within the confines of an unfinished private house. The operation was prompted by a complaint from energy providers, who discovered that the building was illicitly connected to the power grid. A metal container on the site emitted […]

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ForkLog 32 29.01.2024

Russia Evaluates Potential Tax Revenue from Bitcoin Mining

The tax potential of mining in Russia, with the introduction of balanced regulation, is estimated at 50 billion rubles annually after 2025. This was reported by TASS, citing a statement from Sergey Bezdolov, Director of the Industrial Mining Association. According to his data, Russian miners consume about 2.5 GW of electrical power. Of this, 1.7 […]

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ForkLog 18 29.01.2024

Russian Linked to REvil Faces Sanctions from Three Nations

The United States, Australia, and the United Kingdom have imposed sanctions on Russian national Alexander Ermakov, held responsible for the hacking of Australian insurance company Medibank. The U.S. government claims that Ermakov and other participants in the attack are connected to the Russian-backed cybercriminal group REvil. According to OFAC, in October 2022, ransomware operators stole […]

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ForkLog 27 26.01.2024

Cryptocurrency Mining Farm with 620 Devices Discovered in Makhachkala Parking Garage

Police in Makhachkala, in collaboration with specialists from the Dagenergo branch, uncovered a cryptocurrency mining farm with 620 devices in the garage of an underground parking facility while investigating residents’ complaints about power surges in a multi-storey building. The equipment belonged to a 35-year-old local resident. An inspection revealed that he had connected the equipment […]

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ForkLog 42 24.01.2024

LocalCoinSwap Withdraws from Russian and Venezuelan Markets

On January 22, clients of the P2P platform LocalCoinSwap in Russia and Venezuela received letters announcing the company’s withdrawal from these jurisdictions. The information was confirmed in the official Telegram chat. The exchange attributed its decision to “recent changes in the regulatory sphere” in these regions. Source: Screenshot of the letter. LocalCoinSwap announced a complete […]

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ForkLog 14 24.01.2024

Russian Economists Propose Disconnecting Miners During Energy Shortages

The Higher School of Economics (HSE) has proposed forcibly disconnecting large-scale miners from electricity to address energy shortages in certain Russian regions, according to Izvestia. The initiative suggests categorizing cryptocurrency mining data centers as a separate group of consumers, which could be restricted from electricity supply for up to 500 hours annually (approximately 21 days). […]

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ForkLog 22 18.01.2024

Cryptoruble Developers Announce Listing on Exchange

The developers of the cryptoruble have secured their first listing agreement on the new cryptocurrency exchange, ABCex.io. This was announced by Indefibank CEO Sergey Mendeleev. The platform is currently in beta testing, and the asset will be added within a couple of weeks. Upon completion of the testing period, cryptoruble users will participate in an […]

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ForkLog 54 17.01.2024

Tether Seeks Trademark Registration in Russia

On January 12, cryptocurrency firm Tether filed applications for the registration of four trademarks in Russia. The relevant documents were published in the bulletin of the Federal Service for Intellectual Property on January 15. Source: Rospatent. The issuer of USDT is registering the following trademarks: Alloy by Tether (application 2024701810); AUSDT (2024701812); Tether Alloy (2024701813); […]

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