Venom Foundation was established in Abu Dhabi, UAE in 2022 as a Layer-0 and Layer-1 blockchain platform, positioning itself as a next-generation scalable blockchain solution. It became the first crypto foundation licensed by Abu Dhabi Global Market (ADGM), later voluntarily exited ADGM, and relocated its operations to the Cayman Islands. However, Venom is also a crypto crime story!
Even apart from the Western sanctions against the Russian financial world, there is excitement there. The revelation of banker Ilya Kligman's alleged involvement in multiple financial frauds, embezzlement, and money laundering schemes is shaking things up. Kligman, who defected to Germany in 2016, is accused of organizing the fraudulent withdrawal of 150 billion rubles from depositors and bank-owned securities from Russian banks.