The post US Cracks Down on Russian Crypto Laundering Ring, Seizes $7M appeared on BitcoinEthereumNews.com.

The US Department of Justice announced it had indicted two Russians for what it said was a multi-million-dollar money Russian crypto laundering ring, an operation that ran billions of dollars through cryptocurrency exchanges. Cryptex and Joker’s Stash facilitated money transfers from users involved in fraud, ransomware, and darknet activities. DOJ Busts Russian Crypto Laundering Ring, Seizes $7M in Assets In a coordinated effort with international law enforcement, the US was able to seize servers and about $7 million in cryptocurrency-a huge victory against global cybercrime efforts. The DoJ announced the indictment of two Russian nationals for allegedly running a massive money-laundering operation. According to them it moved billions of dollars in illicit cryptocurrency transactions. Russian nationals are indicted for cybercriminal activities made through cryptocurrency exchanges. This was part of a coordinated effort with international law enforcement and U.S. agencies, including State and Treasury. DOJ Charges Ivanov and Shakhmametov for Cybercrime Operations Sergey Ivanov and Timur Shakhmametov have been charged with operating far-reaching cybercriminal networks using cryptocurrency exchanges. Ivanov is said to have run platforms that hosted more than $1.15 billion in cryptocurrency volume, proceeds of fraud chains, ransomware, and darknet narcotics sales. The DoJ said the moves mark important steps in pushing back against Russian crypto laundering operations that threaten financial rules around the world. According to the official statement: “There have been more than 37,500 transactions involving Bitcoin addresses associated with Cryptex, amounting to a total value of approximately 62,586 bitcoin, or $1.4 billion at the time the transactions were made.” Of that amount processed, 441 million dollars could be attributed to cryptocurrency addresses linked to criminal activity. The amount included 297 million dollars from fraud chains and 115 million dollars from ransomware. Ivanov’s exchange, Cryptex, enabled users to bypass KYC requirements, providing anonymity for criminal activities. Cryptex Exchange…

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Filed under: News - @ September 28, 2024 1:11 am