Elliptic, whose clients include government agencies and crypto exchanges, has already identified more than 400 virtual-asset services that let their mostly anonymous users buy crypto with rubles. Last week, activity on these exchanges tripled versus the week before the war broke out in late February, Robinson said.

Elliptic also linked more than 15 million cryptocurrency addresses to criminal activity tied to Russia. It also found several hundred thousand crypto addresses linked to Russia-based sanctioned actors and their associates, Robinson said.