- The US Department of Justice (DOJ) has launched a crackdown on three crypto exchanges, which have been laundering billions in illicit transactions.
- Two Russian nationals face charges for laundering operations through stolen cards and illegal services.
- Around 32% of all traced Bitcoin ($BTC) handled by the crypto exchanges were linked to criminal activities.
On Thursday, the DOJ announced it seized crypto exchanges associated with Russian money-laundering operations. Read on to find out more about the case.
Russian Money Laundering Operations
The DOJ, the Treasury Department, the State Department, International Law Enforcement, and the Secret Service have worked together to combat the Russian money laundering scheme.
As part of the coordinated efforts, the DOJ’s Dutch partners also seized servers of PM2BTC and Cryptex exchanges. They recovered over $7M in crypto during this operation.
According to blockchain analysis conducted by the authorities, approximately 32% of $BTC handled by these exchanges were linked to criminal activities, including $8.8M from ransomware payments and over $158M in fraud.
Two Russian Nationals Face Charges
The DOJ has charged Timur Shakhmametov and Sergey Ivanov. Ivanov, known as ‘Taleon,’ faces charges of bank fraud and money laundering. These laws specifically cater to cybercriminals, including darknet drug traffickers and ransomware groups.
Meanwhile, Russian national Shakhmametov, known as ‘Vega’ and ‘JokerStash,’ is charged with one count of conspiracy to commit bank fraud, money laundering, and access device fraud.
The two Russian nationals charged today allegedly pocketed millions of dollars from prolific money laundering and fueled a network of cyber criminals around the world.Deputy Attorney General Lisa Monaco
In Summary
The DOJ effectively partners with government agencies and international authorities to safeguard global financial integrity and combat illicit activities.
However, while money laundering is common among crypto crimes, cash remains the preferred method for organizations and criminals.
References
- Two Russian Nationals Charged in Connection with Operating Billion Dollar Money Laundering Services (justice.gov)
- Criminal Division’s (Official DOJ) Tweet (X)
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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