Dapper Labs Freezes Money In Wallets Connected To Russia Following EU Sanctions

Users with “connections” to Russia have been warned by NFT startup Dapper Labs that funds in their account-based cryptocurrency wallets have been frozen as a result of new EU sanctions against Russia.

According to an email shared on Twitter and independently examined, Dapper has been obliged to prevent clients with Russian connections from accessing any money they have stored in their wallet, “regardless of the amount.”

This week, as part of a broader set of measures, the EU prohibited cryptocurrency payments to Russian accounts, as was previously reported.

Canada’s Vancouver is home to the headquarters of Dapper Labs

Customers will be able to view their NFTs but neither sell or transfer them to other wallets, according to the letter, which apologizes for “any inconvenience.” Again, the letter refers to the recent financial sanctions imposed by the EU on Russia as a result of their invasion of Ukraine in February.

The eighth wave of EU sanctions against Russia was announced on October 6 and tightened limitations on cryptocurrency payments from Russian accounts. The previous cap on wallets of €10,000 ($9,741), put in place in April, was also removed in this round.

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