US Takes Down 2 Exchanges Laundering Russian Cryptocurrency

Two Cryptocurrency Exchanges were recently taken down by authorities. The PM2BTC and Cryptex sites were seized.

Video: https://youtube.com/shorts/wvRelrVSOcE

 

This is important for two reasons:

1. It disrupts illegal money laundering, in this case, hundreds of millions of dollars that were heading to Russia.  These two crypto exchanges were on track to move money in excess of a billion dollars to criminal organizations.

2. It showcases how tools to detect and track illicit cryptocurrency activity are becoming more sophisticated! 

 

Chainalysis is a leader in this space and they are getting better at tracking illicit crypto transactions, which helps global law enforcement partners target offending services.

 

Overall, this is improving the legitimacy and reputation of the cryptocurrency industry and it keeps the pressure on global criminal activities.

 

Congratulations to the US Secret Service and its partners for this major takedown!

 

For interesting cybersecurity insights, be sure to like and follow!

 

Dept of Justice press release: https://www.justice.gov/opa/pr/two-russian-nationals-charged-connection-operating-billion-dollar-money-laundering-1

Chainalysis Report: https://www.chainalysis.com/blog/ofac-sanctions-russian-exchange-cryptex-uaps-fraud-shop-2024/

 

If you like insights about cybersecurity, be sure to like subscribe:  https://www.youtube.com/CybersecurityInsights

E-mail me when people leave their comments –

CISO and Cybersecurity Strategist

You need to be a member of CISO Platform to add comments!

Join CISO Platform

CISO Platform

A global community of 5K+ Senior IT Security executives and 40K+ subscribers with the vision of meaningful collaboration, knowledge, and intelligence sharing to fight the growing cyber security threats.

Join CISO Community Share Your Knowledge (Post A Blog)
 

 

 

CISO Platform: CISO 100 Awards & Future CISO Awards, USA 2025

  • Description:

     

    Nominate for the CISOPlatform CISO 100 Awards & Future CISO Awards - Recognizing Cybersecurity Leaders. We're reaching out to you because we believe you know someone deserving of this prestigious accolade....Nominate your colleague, mentor, someone you admire or yourself !

    For more details: Click Here

    Nominate Yourself (Last Date 15th Feb 2025): …

  • Created by: Biswajit Banerjee