In a joint international operation, Ukrainian Cyberpolice, FBI, and other government agencies have taken down nine cryptocurrency exchanges suspected of being involved in laundering criminal proceeds. The platforms had been used to process dirty money obtained from ransomware attacks and various fraud schemes.
The anonymous exchange of cryptocurrencies offered by these exchanges enabled criminals to channel digital assets obtained through illegal means. These services were advertised on closed hacker forums, making it difficult for law enforcement to track down the individuals involved in these activities.
The infrastructure supporting these exchanges was located in the United States, Europe, and Ukraine, and has been blocked during the operation. Investigators are now working to identify all individuals involved in these criminal activities.
This is not the first time that Ukrainian government agencies have taken action against cybercrime involving cryptocurrencies. In March, employees of the Cyberpolice, Asset Recovery and Management Agency, and Security Service of Ukraine attended training classes organized by the world’s leading crypto exchange, Binance. Moreover, in November 2022, a crypto fraud scheme that was making over $200 million a year was dismantled by the cybercrime-combating unit.
It remains to be seen whether Ukraine will expand its cooperation with the United States in law enforcement operations in the crypto space. However, the recent joint operation is a clear indication that international cooperation is necessary to combat the use of cryptocurrencies in criminal activities.
In conclusion, the busting of these exchanges is a victory for law enforcement agencies fighting against cybercrime. It sends a clear message to criminals that the use of cryptocurrencies for illegal activities will not go unnoticed.
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