The US government has taken significant action against cryptocurrency exchanges that have been utilized by Russia-based cybercriminals to process illicit funds. The recent sanctions imposed by the US Office of Foreign Assets Control (OFAC) target Cryptex, a cryptocurrency exchange registered in St. Vincent and the Grenadines and operating in Russia. Additionally, an individual named Sergey Sergeevich Ivanov, a Russian citizen linked to the virtual currency exchanger PM2BTC, has also been sanctioned.

Ivanov’s role as a payment processor for various fraud shops, including one known as “UAPS,” has led to his designation by OFAC. Simultaneously, the Treasury’s Financial Crimes Enforcement Network (FinCEN) has identified PM2BTC as being of “primary money laundering concern” in connection with Russian illicit finance. These actions effectively block all property and interests of the sanctioned individuals and entities that are in the US or in the possession of US persons.

The US Department of State has gone a step further by offering a reward of up to $10 million for information leading to the arrest and/or conviction of Ivanov. In a coordinated effort, US authorities, in collaboration with Dutch law enforcement, have seized web domains and infrastructure associated with PM2BTC, UAPS, and Cryptex.

According to US government officials, the sanctioned entities and individuals have processed hundreds of millions of dollars derived from cybercriminal activities. Cryptex alone has received over $51.2 million from ransomware attacks and has been linked to transactions totaling over $720 million to services commonly used by Russia-based ransomware actors and cybercriminals.

Ivanov, on the other hand, is alleged to have laundered hundreds of millions of dollars’ worth of virtual currency for various criminal actors over the past two decades. His involvement as a payment processor for fraud shops, including the now-defunct Genesis Market, has raised significant concerns among law enforcement agencies.

This latest crackdown on Russia-based cybercriminals follows a series of legal actions taken by the US earlier this year. In July 2024, two Russian nationals were convicted for their involvement in the LockBit ransomware group. Furthermore, a joint indictment by the US, UK, and Australian governments revealed the identity of LockBit leader Dmitry Yuryevich Khoroshev in May, following the successful law enforcement operation known as Operation Cronos.

The US government’s aggressive stance against cybercrime underscores its commitment to combating illicit activities facilitated by cryptocurrency exchanges. By targeting key players in the cybercrime ecosystem, authorities aim to disrupt the flow of illicit funds and hold accountable those responsible for enabling criminal enterprises to thrive in the digital realm.

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