The U.S. Department of Justice has charged two Russian nationals with running a multibillion-dollar cryptocurrency laundering operation in which criminals allegedly used cryptocurrency exchanges to transfer large amounts of money.
Accusations and Allegations
Savet Ivanov and Timur Shakhmametov are accused of running a large-scale cybercrime organization using cryptocurrency exchanges. Ivanovâs Cryptex platform generated $1.15 billion in cryptocurrency through scam rings, ransomware, and darknet drug sales.
U.S. authorities, in collaboration with international law enforcement, seized the servers hosting the platforms and about $7 million worth of cryptocurrency. With the support of authorities in the Netherlands, Cryptexâs servers were shut down and cryptocurrencies associated with the crime were seized.
Cryptex bypassed KYC requirements for users, providing anonymity to criminals, while Jokerâs Stash made between $280 million and $1 billion by selling stolen bank card data.
âTransactions from Bitcoin $65,784 addresses associated with Cryptex totaled approximately $1.4 billion.â - US Department of Justice.
Approximately 28% of the Bitcoins sent by Cryptex ended up in darknet markets and criminal organizations subject to US sanctions, helping to keep illegal activities off the radar.
International Cooperation
The operation was carried out in coordination with international law enforcement agencies, including the US Departments of State and Treasury. 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. The US, especially by identifying the names behind such platforms connected to the Dark Web, albeit late, is sending a message to criminals that they cannot escape forever.
