The FBI has seized 9 cryptocurrency exchanges allegedly concerned in cash laundering linked to ransomware funds.
The Federal Bureau of Investigation (FBI) has taken over 24xbtc.com, 100btc.professional, pridechange.com, 101crypta.com, uxbtc.com, trust-exchange.org, bitcoin24.change, paybtc.professional, and owl.gold.
The servers of those exchanges have been shut down, and US authorities seized their domains. These exchanges have been accused of providing nameless cryptocurrency change providers to web site guests, together with cyber-criminals, scammers, and different unhealthy actors
The crackdown resulted from investigations into cybercrime actions involving ransomware funds, the place these exchanges performed an important position. The exchanges have been additionally discovered to have a lax anti-money laundering program or accumulate minimal know-your-customer (KYC) data or none in any respect. The report notes that these exchanges violated Title 18 United States Code, Sections 1960 and 1956.
The affected exchanges’ providers have been marketed on on-line boards to debate felony exercise, knowingly supporting their purchasers’ illicit offers and turning into co-conspirators in unlawful schemes. The providers’ web site supplied help in each Russian and English, making it simpler for cyber-criminals worldwide to make use of them.
Waging warfare in opposition to unhealthy actors
The FBI’s transfer to take down these exchanges exhibits that it’s actively combating cybercrime and cash laundering in cryptocurrency. With the elevated use of cryptocurrency in unlawful actions, akin to ransomware funds, authorities are working to forestall these exchanges from working and make it more durable for cyber-criminals to launder their cash.
The seizure of those 9 domains sends a robust message to different cryptocurrency exchanges working illegally. The FBI has warned that anybody concerned in unlicensed cash service companies and facilitating cash laundering would face the overall weight of the legislation. Guests to the affected websites will now discover a seizure banner that notifies them that federal authorities have seized the area identify
The FBI’s investigation is ongoing, and extra exchanges concerned in cybercrime actions are prone to be focused. The company has urged the general public to report any suspicious cryptocurrency actions to assist in the struggle in opposition to cybercrime.
