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Dubai to Toronto, crypto-to-cash fueling money laundering
We had just pulled into the bus station in Lviv, Ukraine, when the city’s air-raid sirens began to wail. I’d taken an eight-hour trip from Kyiv with Richard Sanders, a US Army veteran who was crisscrossing the war-torn country to collect digital intelligence.

Sanders is a volunteer for Ukraine’s national police force, which has become increasingly concerned about Russian operatives being paid in cryptocurrency.

Sanders grabbed his camouflaged luggage, which contained a hidden camera disguised as a car key, a wand to scan for eavesdropping devices in his hotel room, and an array of tourniquets in case of an airstrike. He also carried a stack of cash and a digital wallet on his iPhone loaded with cryptocurrency.

My editor’s directive was clear: Find a bunker at the first warning of incoming drones or missiles. So I flagged a cab to the closest bomb shelter on my map. Sanders, though, had more pressing matters to attend to.

“Sorry to ditch you,” he said. “There are targets I have to hit before close of business.”

His targets were embedded in the country’s vast shadow financial system - where untold amounts of cryptocurrency are...


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