The U.S. government has taken decisive action against two Russian individuals and two cryptocurrency exchanges tied to suspected illicit financial operations. This move involves several federal departments, including Treasury, Justice, and State, along with international law enforcement agencies.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) identified PM2BTC, a Russian cryptocurrency exchange, as a “primary money laundering concern.” Sergey Ivanov, who is connected to PM2BTC, was also targeted for his involvement. Additionally, Cryptex, another exchange operating from St. Vincent and the Grenadines, was sanctioned. Both exchanges are accused of processing proceeds from ransomware and other illegal activities.
According to FinCEN, 50% of PM2BTC’s activities are linked to unlawful operations, while Cryptex is alleged to have handled over $720 million in transactions connected to cybercrime. Notably, these platforms are reportedly linked to fraud shops and exchanges lacking Know Your Customer (KYC) programs.
Sources of Cryptex business. Source:Chainalysis
Read more: US Accuses Russia of Widespread Election Interference, Seizes Fake Websites
U.S. officials, along with international agencies such as the Netherlands Police, have seized web domains associated with PM2BTC and Cryptex. The involvement of blockchain analysis firm Chainalysis and cryptocurrency provider Tether played a significant role in the operation.
In addition, unsealed court documents in Virginia reveal that Ivanov has been charged with conspiracy to commit bank fraud, linked to websites trading stolen credit card information, also known as "carding." Timur Shakhmametov faces similar charges, including money laundering.
The U.S. State Department has announced a reward of up to $10 million for information leading to the arrest or conviction of Ivanov or Shakhmametov, demonstrating the seriousness of this ongoing investigation.
Read more: Russian Man Arrested for Treason for Sending Crypto Payments to Ukraine’s Military
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