Ukrainian law enforcement, with the support of US investigators, has dismantled a network of nine cryptocurrency exchanges allegedly involved in laundering criminal proceeds. The National Police of Ukraine disclosed that these platforms were used for processing illicit funds obta...
Ukrainian law enforcement, with the support of US investigators, has dismantled a network of nine cryptocurrency exchanges allegedly involved in laundering criminal proceeds. The National Police of Ukraine disclosed that these platforms were used for processing illicit funds obtained from ransomware attacks and various fraud schemes.
International operation targets crypto exchanges
In collaboration with the Prosecutor General’s Office and the US Federal Bureau of Investigation (FBI), Ukraine’s Cyberpolice unit and Main Investigative Department officers carried out a multi-level international operation. The targeted web platforms provided anonymous cryptocurrency exchange services and were promoted on closed hacker forums. These platforms were utilized to legalize criminal funds obtained through malware attacks and online fraud.
The infrastructure of the network, hosted on servers in the United States, several European countries, and Ukraine, was blocked during the operation.
Law enforcement is now working to identify all individuals involved in these criminal activities. Visitors to the seized domains, including 24xbtc.com, 100btc.pro, pridechange.com, and others are now greeted with a message stating that the sites have been confiscated by law enforcement.
Ukrainian agencies enhance crypto expertise
Ukrainian government agencies have been working to bolster their knowledge of crypto assets. Employees of the Cyberpolice, the Asset Recovery and Management Agency, and the Security Service of Ukraine (SBU) have attended training sessions organized by leading crypto exchange Binance.
In November 2022, the cybercrime-fighting unit dismantled a crypto fraud scheme allegedly generating over $200 million a year, while in April, a $40 million Russian crypto pyramid was taken down.