FSB Raids Moscow City Crypto Hub, Detains Over 20 in Fraud Bust

Russian authorities shut down nine foreign-coordinated cryptocurrency channels operating out of the Moscow City business district. The Federal Security Service (FSB) and the Ministry of Internal Affairs (MVD) detained more than 20 employees from unregistered crypto exchange offices, along with several couriers, in a joint operation targeting a financial laundering ring.

The unregistered exchanges acted as a bridge for Ukrainian call centers that defrauded Russian citizens, the FSB said in a statement. Scammers maintained constant contact with victims, often targeting retirees, and directed them step by step through transactions without revealing the nature of the operation. Victims were told to purchase cryptocurrency at the Moscow City offices. The funds were immediately transferred to accounts controlled by organizers based in Ukraine, investigators said.

The network relied on young operatives recruited from across Russia. Several couriers aged 18 to 25 were detained after collecting cash directly from defrauded victims and delivering it to the exchange offices for conversion and overseas transfer, the MVD said.

Criminal proceedings have been opened under Part 4 of Article 159 of the Criminal Code of the Russian Federation, which covers large-scale fraud committed by an organized group. Both exchange office employees and couriers have been charged with complicity. If convicted, they face up to 10 years in prison.