The U.S. Treasury Division’s Workplace of International Property Management (OFAC) has sanctioned Cryptex and PM2BTC, two cryptocurrency exchanges that laundered funds from Russian ransomware gangs and different cybercrime teams.
Cryptex (which used the cryptex[.]web area) reportedly offers monetary companies to cybercriminals and laundered over $51 million in funds linked to ransomware assaults.
“Cryptex can also be related to over $720 million in transactions to companies steadily utilized by Russia-based ransomware actors and cybercriminals, together with fraud retailers, mixing companies, exchanges missing KYC applications, and OFAC-designated digital foreign money change Garantex,” the Treasury stated.
PM2BTC (who used the now-seized pm2btc[.]me area) is accused of laundering digital foreign money related to ransomware and different illicit Russian actions. It allegedly facilitates currency-to-ruble conversions via U.S.-sanctioned monetary establishments for Russian risk actors whereas failing to keep up anti-money laundering safeguards.
The Treasury Division linked the crypto exchanges to Sergey Sergeevich Ivanov (also called Taleon), a Russian cash launderer believed to have helped course of tons of of tens of millions of {dollars} for ransomware actors, preliminary entry brokers, darknet market distributors, and numerous different risk actors over the past 20 years.
“By numerous cost processing companies, together with one which does enterprise below the identify ‘UAPS,’ Ivanov has served because the cost processor for numerous fraud retailers, together with OFAC-designated Genesis Market, whose web site was taken down by regulation enforcement in 2023,” the Treasury added.
The U.S. Division of State additionally presents a reward of as much as $10 million via its Transnational Organized Crime Rewards Program for any data that would assist arrest or convict Ivanov and Timur Shakhmametov, the operator of Jokers Stash, one of many largest and most worthwhile marketplaces for stolen bank card knowledge and personally identifiable data.
These actions are a part of a broader coordinated worldwide effort involving U.S. authorities businesses and international regulation enforcement, in collaboration with Operation Endgame, to disrupt Russian cybercrime companies and dismantle monetary enablers of transnational organized cybercrime.
On account of at the moment’s sanction, U.S. residents and organizations are prohibited from participating in transactions with Ivanov, PM2BTC, or Cryptex. Any U.S.-based property tied to them might be frozen, and U.S. monetary establishments or international entities transacting with them can even face penalties.
“The USA and our worldwide companions stay resolute in our dedication to stop cybercrime facilitators like PM2BTC and Cryptex from working with impunity,” stated Bradley T. Smith, Performing Underneath Secretary of the Treasury for Terrorism and Monetary Intelligence.
“Treasury, in shut coordination with our allies and companions, will proceed to make use of all instruments and authorities to disrupt the networks that search to leverage the digital property ecosystem to facilitate their illicit actions.”
OFAC has beforehand sanctioned the Bitpapa, TOEP, and Crypto Explorer crypto exchanges in March 2024 and the Moscow-based cryptocurrency change Garantex in April 2022 for working with OFAC-designated Russian darkish internet markets and banks.
It additionally designated the Sinbad, Twister Money, and Blender.io cryptocurrency mixing companies for laundering cash for the North Korean Lazarus hacking group.