Waves (WAVES) cryptocurrency has been critically implicated in large-scale money laundering operations centered in Russia, where criminal networks exploited weaknesses in the regulatory and compliance frameworks of crypto exchanges and OTC brokers. Notoriously, the TGR Group and related Russian entities used Waves and associated platforms to launder illicit proceeds, including those from ransomware attacks and sanctioned Russian financial institutions. These networks combined bulk cash transactions with crypto transfers, leveraging unregistered services, stability coins like USDT, and sophisticated layering techniques to obscure funds’ origins and facilitate cross-border illicit flows. The involvement of politically exposed persons (PEPs) and sanctioned entities further entwines Waves in deep-rooted Russian financial crime and sanctions evasion schemes. Despite global enforcement efforts, including OFAC sanctions and the UK National Crime Agency’s Operation Destabilise, Waves remains a key tool in Russia’s crypto-enabled money laundering matrix, reflecting the persistent challenge cryptocurrencies pose to international financial security and crime prevention.​
Waves (WAVES) cryptocurrency has been heavily implicated in large-scale money laundering schemes originating in Russia, facilitated by a constellation of exchanges and OTC brokers connected to organized criminal groups such as the TGR Group. These actors exploited deficiencies in AML frameworks and regulatory oversight of cryptocurrency platforms to launder hundreds of millions of dollars, including proceeds from ransomware and sanctioned Russian banks. Law enforcement efforts from the U.K., U.S., and global partners have resulted in indictments, sanctions, and disruption of laundering networks that used Waves technology and the broader crypto ecosystem to obfuscate the origins of illicit funds and integrate them into the global financial system. These cases highlight the risks posed by Russia-linked cybercriminal operations leveraging cryptocurrency technology for sanction evasion and money laundering on a massive scale.​
