The post US Charges 2 Russian Nationals in Crypto Money Laundering Scheme, Offers $10 Million Bounty appeared on BitcoinEthereumNews.com.

U.S. authorities have charged Russian citizens Sergey Sergeevich Ivanov and Timur Shakhmametov for allegedly operating a cryptocurrency money laundering service tied to Russian cybercrime. The U.S. Department of State has issued a $10 million bounty for information leading to the arrest or conviction of each. International Crackdown on Russian Cybercrime The United States Treasury, in coordination with international partners, announced it had taken action to disrupt the operations of PM2BTC and Cryptex, two digital currency exchanges linked to large-scale money laundering operations benefiting ransomware actors and other cybercriminals operating out of Russia. Its Financial Crimes Enforcement Network (FinCEN) has designated PM2BTC, associated with Ivanov, as a “primary money laundering concern.” Additionally, its Office of Foreign Assets Control (OFAC) has also sanctioned Ivanov and Cryptex for facilitating over $51 million in ransomware-related transactions and $720 million in connections to Russian cybercrime. Ivanov has reportedly been involved in Russian cybercrime for over two decades and has allegedly laundered hundreds of millions of dollars through various payment processing services, including UAPS. Cryptex, also operating primarily in Russia, has purportedly been involved in laundering funds for cybercriminals, including ransomware actors, fraud shops, and exchanges with poor compliance programs. Law enforcement agencies, including the U.S. Secret Service, Netherlands Police, and the Dutch Fiscal Intelligence and Investigation Service (FIOD), have seized web domains and infrastructure tied to PM2BTC and Cryptex. The U.S. Secret Service and the  Attorney’s Office for the Eastern District of Virginia also unsealed an indictment against Ivanov and Shakhmametov. The measures are intended to safeguard national security and the financial system by preventing illicit financial institutions from accessing its market. They are part of Operation Endgame, a multinational initiative aimed at dismantling cybercriminal financial enablers. Sanctions Implications OFAC’s sanctions block all property and interests of the two suspects within the United States and…

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Filed under: News - @ September 29, 2024 3:35 am