The US Department of Justice has indicted two Russian citizens for running a multibillion-dollar cryptocurrency laundering operation. In this operation, criminals allegedly used cryptocurrency exchanges to transfer large amounts of money.
Accusations and Allegations
Savet Ivanov and Timur Shakhmametov are accused of operating large-scale cybercrime organizations using cryptocurrency exchanges. The Cryptex platform, run by Ivanov, generated revenue from scam chains, ransomware and darknet drug sales, with a cryptocurrency volume of $1.15 billion.
US authorities, in cooperation with international law enforcement, seized the servers hosting the platforms and approximately $7 million worth of cryptocurrencies. With the support of authorities in the Netherlands, Cryptex’s servers were shut down and crime-related cryptocurrencies were seized.
Cryptex bypassed users’ KYC requirements, providing anonymity to criminals. Additionally, a site called Joker’s Stash made between $280 million and $1 billion by selling stolen debit card data.
“Bitcoin associated with Cryptex $65,837 Transactions made through these addresses reached a total value of approximately 1.4 billion dollars.” -US Department of Justice.
Approximately 28% of the Bitcoins sent by Cryptex were reaching darknet markets and criminal organizations sanctioned by the United States. This helped illegal activities go untracked.
International Cooperation
The operation was carried out in coordination with US institutions such as the State and Treasury Ministries and international law enforcement agencies. This cooperation is considered an important step in the fight against global cybercrime.
These developments show how cryptocurrency platforms can be used for illegal activities and how effective international cooperation can be in combating such crimes. By identifying the names behind such Dark Web-related platforms, albeit late, the USA gives the message to criminals that you cannot escape forever.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
