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:

First, 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.

Second, 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.

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

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

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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/

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