By Doina Chiacu and Hannah Lang
WASHINGTON (Multibagger) - The United States has taken a strong stance against Russian cybercrime facilitators by imposing sanctions on Russian individual Sergey Sergeevich Ivanov and cryptocurrency firm Cryptex, which is based in Saint Vincent and the Grenadines but operates in Russia, according to the Treasury Department.
The Treasury's Financial Crimes Enforcement Network has also labeled Russian crypto exchanger PM2BTC as a "primary money laundering concern" in connection with illicit finance in Russia.
Bradley Smith, acting under secretary for Treasury's terrorism and financial intelligence unit, stated, “The United States and our international partners remain resolute in our commitment to prevent cybercrime facilitators like PM2BTC and Cryptex from operating with impunity.”
In addition, the State Department has announced rewards of up to $10 million each for information leading to the arrest or conviction of Ivanov and Timur Shakhmametov for participating in transnational organized crime. Rewards of up to $1 million each are also being offered for information identifying the leaders of PM2BTC and stolen credit card marketplaces PinPays and Joker's Stash.
Analysis:
This article highlights the United States' efforts to combat cybercrime and illicit finance originating from Russia. By imposing sanctions on individuals and entities involved in such activities, the US government aims to disrupt their operations and hold them accountable for their actions. These measures not only target specific individuals and organizations but also send a message to others involved in similar activities that they will face consequences for their actions. This crackdown on cybercrime can potentially impact the financial markets and global security, making it essential for individuals and businesses to stay informed and vigilant in the face of these threats.