US Charges Two Russians for Crypto Money Laundering, Places $10 Million Bounty Hunt for Each

U.S. President Joe Biden recently announced important actions to combat Russian sanctions evasion and crypto money laundering.

He stated that the Department of Justice, the Department of the Treasury, and the U.S. Secret Service are working together on this issue.

Biden remarked that these agencies disrupted a global cryptocurrency network believed to be involved in illegal activities today. 

However, they did not act alone but coordinated their efforts with international partners. According to the U.S. president, collaboration is crucial for effectively tackling the challenges of financial crimes posed by cryptocurrencies.

Global Crackdown on Russian Cybercriminals: U.S. and Allies Target Illegal Cryptocurrency Exchanges
U.S authorities announced that Russian Nationals Sergey Ivanov and Timur Shakhmametov have been charged for running money laundering services.

Cybercriminals used these services to hide their illegal activities by relying on cryptocurrencies.

However, on Thursday, the U.S. Department of State offered a $10 million reward for anyone who provides information leading to their arrests.

Also, U.S. authorities recently took down websites connected to three illegal cryptocurrency exchanges. This was part of a coordinated international effort between authorities from the Netherlands, Latvia, Germany, the U.K., Europol, and several U.S. agencies.

The websites seized were linked to Russia-based payment and exchange platforms, including Cryptex.net, UAPS, PinPays, and PM2BTC.

These platforms were helping criminals move money through cryptocurrencies. By shutting them down, authorities aim to stop illegal activities tied to the exchanges.

In a statement about U.S. support for Ukraine, President Joe Biden addressed efforts to stop Russia from evading sanctions and laundering money. 

He shared that the Departments of Justice, Treasury, and the U.S. Secret Service took action to disrupt these illegal activities.

Notably, international partners coordinated this operation, demonstrating a united front against financial crimes linked to Russia.

Ivanov and Shakhmametov Charged in $1.4 Billion Money Laundering Scheme, U.S. Seizes Illegal Crypto Websites
According to the report, Ivanov successfully conducted transactions totaling over $1.15 billion in the past 11 years. However, authorities detected his activities, and now he faces serious charges.

One count is for conspiracy to commit bank fraud, linked to his payment processing support for the carding website Rescator. Similarly, he faces another charge of conspiring to commit money laundering for his role in the carding site Joker’s Stash.

Carding refers to the illegal use of stolen credit and debit card information for fraud. Ivanov’s activities helped facilitate this type of crime.

Shakhmametov, also known as “JokerStash” and “Vega,” faces the same charges as Ivanov. The authorities have also charged him with conspiracy to commit access device fraud. 

This charge is for running the carding website Joker’s Stash, which sells data from around 40 million payment cards every year.

Also, U.S. Deputy Attorney General Lisa Monaco said both men allegedly made millions of dollars from money laundering. Their actions supported a global network of cyber criminals.

She also stated that Ivanov helped darknet drug dealers and ransomware operators. This highlights the large scale and impact of their illegal activities, affecting both financial systems and cybersecurity.

In another development, a recent operation led by the U.S Secret Service, authorities seized two website domain names linked to the cryptocurrency exchange “Cryptex.net.” 

This exchange was involved in large-scale money laundering activities. It processed around 37,500 transactions, with a total value of $1.4 billion.

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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