Thu Sep 26 14:37:26 UTC 2024: ## U.S. Cracks Down on Russian Cybercrime Money Laundering Network, Targets Three Crypto Exchanges
**WASHINGTON** – In a coordinated effort to combat cybercrime, the United States has imposed sanctions on alleged Russian money laundering operations, including three illegal cryptocurrency exchanges, and offered substantial rewards for information leading to the arrest of key individuals involved.
The Justice Department unsealed an indictment charging Russian national Sergey Sergeevich Ivanov with conspiracy to commit bank fraud and money laundering using stolen credit and debit card information. Ivanov’s services were allegedly used by cybercrime marketplaces, ransomware groups, and hackers responsible for major data breaches in the U.S. A similar indictment was filed against another Russian national, Timur Shakhmametov.
Simultaneously, the Treasury Department imposed sanctions on Ivanov and Cryptex, a virtual currency exchange based in Saint Vincent and the Grenadines but operating in Russia. The Treasury’s Financial Crimes Enforcement Network also designated Russian crypto exchange PM2BTC, associated with Ivanov, as a primary money laundering concern due to its unusual obfuscation tactics that made it difficult to trace illicit transactions.
The State Department further announced rewards of up to $10 million each for information leading to the arrest or conviction of Ivanov or Shakhmametov. Additionally, rewards of up to $1 million each are being offered for information identifying the leaders of PM2BTC and stolen credit card marketplaces PinPays and Joker’s Stash.
These actions underscore the ongoing U.S. efforts to counter cybercrime and disrupt the financial networks used by malicious actors. “The United States and our international partners remain resolute in our commitment to prevent cybercrime facilitators like PM2BTC and Cryptex from operating with impunity,” said Bradley Smith, acting under secretary for Treasury’s terrorism and financial intelligence unit.
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