The Internal Revenue Service (IRS) is collaborating with blockchain analysis firm Chainalysis and Ukrainian investigators to trace Russian individuals suspected of using cryptocurrency to conceal their assets following Russia's invasion of Ukraine. The IRS is sponsoring Ukrainian investigators' access to a Chainalysis tool that could be used in crypto-related probes. The agency aims to improve information-sharing and case development between the US and Ukraine by collaborating with counterparts overseas to pursue sanctions evaders. The IRS has ramped up its focus on cryptocurrencies, citing that it's susceptible to financial frauds like money laundering, market manipulation, and tax evasion.