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Luckily they can run the whole scheme from Elbonia, and people are more than happy to send over cryptos from the US.

That's almost exactly how Tether (USDT) works. Except instead of Elbonia we have the Caymans

Note that Tether moving to the Caymans inspired the UK finregs to investigate the UK accounting company that’s now running Tether’s books, so I wouldn’t consider the Caymans to be a successful escape yet: https://www.ft.com/content/e86f8d72-918c-4a80-a4bf-de3110316...

Well, there is Nexo which is basically the same but headquartered in Bulgaria.

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