Crypto▼ Bearish
FSB Shuts Nine Crypto Exchanges Tied to Ukraine Scam Proceeds
The FSB and Interior Ministry raided nine unregistered crypto exchange offices in Moscow City, arresting 20+ employees linked to money laundering from phone scams targeting Russian citizens.
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Russia’s Federal Security Service raided nine unregistered cryptocurrency exchange offices at the Moscow International Business Center, known as Moscow City. The FSB said it worked with the Ministry of Internal Affairs on the operation.
More than 20 employees were detained. The FSB said the exchange offices were part of a money laundering scheme linked to phone scam call centers based in Ukraine. The operation converted money stolen from Russian citizens into cryptocurrency and transferred the funds to accounts connected to Ukrainian operators, the agency stated in a press release.
Part of the scheme involved people between 18 and 25 years old. They collected cash from victims and physically delivered it to the exchange points for conversion into crypto assets. The FSB said many of these young people were recruited from regions across the country’s interior and had limited financial literacy.