US Offers $10 Million Reward for Two Russians in Major Crypto Money Laundering Case!

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U.S. Charges Russian Citizens for Cryptocurrency Money Laundering

U.S. authorities have charged Sergey Sergeevich Ivanov and Timur Shakhmametov, two Russian nationals, for allegedly running a cryptocurrency money laundering service linked to cybercrime. The U.S. Department of State has placed a $10 million bounty on each suspect for information leading to their arrest or conviction.

International Crackdown on Russian Cybercrime

The U.S. Treasury has taken significant steps against PM2BTC and Cryptex, two digital currency exchanges involved in extensive money laundering operations that support ransomware actors in Russia. The Financial Crimes Enforcement Network (FinCEN) labeled PM2BTC as a “primary money laundering concern,” while the Office of Foreign Assets Control (OFAC) sanctioned both Ivanov and Cryptex for facilitating over $51 million in ransomware transactions.

Ivanov’s involvement in cybercrime spans over two decades, reportedly laundering hundreds of millions through various services like UAPS. Meanwhile, Cryptex is accused of aiding numerous cybercriminals by providing poor compliance programs.

Law enforcement agencies from the U.S., Netherlands Police, and Dutch Fiscal Intelligence have seized domains related to these exchanges as part of Operation Endgame—a multinational effort aimed at dismantling financial networks supporting cybercriminals.

Sanctions Implications

The sanctions imposed by OFAC block all assets belonging to Ivanov and Shakhmametov within the United States and prevent any domestic entities from engaging with them. FinCEN’s order restricts financial institutions from conducting transactions involving PM2BTC; foreign institutions risk sanctions if they do so.

Bradley T. Smith from the Treasury emphasized that the U.S., along with international partners, is committed to preventing facilitators like PM2BTC and Cryptex from operating freely—part of an ongoing campaign against Russia-based cybercrime that has seen multiple individuals sanctioned over the past year.

To Conclude

This crackdown highlights a growing international resolve against cryptocurrency-related crime linked to Russia’s cyber underworld. With substantial bounties offered and strict sanctions enforced, authorities aim to disrupt these illicit operations effectively while safeguarding national security interests.

Reference

• U.S Treasury Press Release
• CryptoPotato Article on Ransomware Payments
• CryptoPotato Report on Sanctioned Individuals