Key Takeaways:
- U.S. sanctions target Russian nationals Sergey Ivanov, Timur Shakhmametov, and two crypto exchanges, PM2BTC and Cryptex, for facilitating illicit financial activities.
- PM2BTC is accused of handling ransomware-related funds, with nearly half of its transactions tied to illegal operations.
- Cryptex processed $720 million in transactions linked to Russian cybercriminals.
The U.S. government has imposed sanctions on two Russian nationals, Sergey Ivanov and Timur Shakhmametov, and two cryptocurrency exchanges, PM2BTC and Cryptex, for alleged involvement in illicit financial activities.
PM2BTC, flagged by the Treasury’s Financial Crimes Enforcement Network (FinCEN), is accused of facilitating proceeds from ransomware and other criminal operations.
.@FinCENnews is issuing an order that identifies PM2BTC – a Russian virtual currency exchanger associated with Russian individual Sergey Sergeevich Ivanov (Ivanov) as being of “primary money laundering concern” in connection with Russian illicit finance.
— Treasury Department (@USTreasury) September 26, 2024
Nearly half of its transactions are linked to illegal activities, and it shares wallet infrastructure with a known underground payment system.
Cryptex, operating from St. Vincent and the Grenadines, processed over $720 million in transactions connected to Russian cybercriminals.
The U.S. Treasury credited the Secret Service, Dutch authorities, and other partners for seizing web domains linked to these entities.
U.S. and Dutch authorities have targeted Cryptex, PM2BTC, and UAPS, which facilitated billions of on-chain money laundering for cybercriminals. With assistance from Chainalysis and Tether, Dutch authorities seized €7M worth of funds. https://t.co/BTsUCpPWqo
— Chainalysis (@chainalysis) September 26, 2024
Additionally, court documents revealed that Ivanov and Shakhmametov are involved in bank fraud related to “carding” websites.
The State Department is offering up to $10 million for information leading to their capture.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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