Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

US Sanctions Crypto Exchanges for Cybercrime

September 27, 2024
Reading Time: 2 mins read
in News
US Sanctions Crypto Exchanges for Cybercrime

On September 27, 2024, the U.S. government took decisive action against cybercrime by imposing sanctions on two cryptocurrency exchanges, Cryptex and PM2BTC, for allegedly facilitating money laundering and supporting illicit activities. This coordinated effort was part of Operation Endgame, a law enforcement initiative that aims to dismantle networks involved in cybercriminal operations. The move comes alongside an indictment against Sergey Sergeevich Ivanov, a Russian national accused of running various money laundering services used by cybercriminals.

Both Cryptex and PM2BTC are accused of laundering cryptocurrencies obtained through criminal activities, including ransomware attacks. Cryptex reportedly generated over $51.2 million in proceeds from illicit transactions and claimed to offer “complete anonymity” for its users. PM2BTC has been identified as facilitating a substantial number of transactions linked to Russian illicit finance, with allegations of failing to implement necessary anti-money laundering (AML) and Know Your Customer (KYC) measures as mandated by U.S. law. Together, these exchanges have been tied to an estimated $7.5 billion in transactions since their inception.

In response to the sanctions, the websites associated with Cryptex and PM2BTC have been seized and replaced with law enforcement notices. Additionally, authorities confiscated approximately €7 million (around $7.8 million) in cryptocurrency. U.S. officials emphasized the importance of international cooperation in combating cybercrime, with the Treasury Department vowing to use all available tools to disrupt networks that exploit virtual assets for illicit purposes.

The actions against these exchanges reflect a growing recognition of the role that cryptocurrencies play in facilitating cybercrime. As the U.S. government and its international partners continue to target the infrastructure supporting these criminal activities, they aim to create a safer online environment. The Department of State has also announced rewards for information leading to the arrests and convictions of key figures linked to these illicit operations, further underscoring the commitment to tackling cybercrime and financial fraud in the digital age.

Reference:
  • US Imposes Sanctions on Two Crypto Exchanges for Enabling Cybercrime
Tags: CryptexCrypto ExchangesCyber crimeCyber NewsCyber News 2024Cyber threatsCybercrimeGovernmentOperation EndgamePM2BTCRussia'CryptocurrenciesSanctionsSeptember 2024USA
ADVERTISEMENT

Related Posts

New EU Vulnerability Database Launched

New EU Vulnerability Database Launched

May 14, 2025
Google Hunts Malicious Linux Desktop Files

Aussie Data Breach Reports Hit 5 Year High

May 14, 2025
Google Hunts Malicious Linux Desktop Files

Google Hunts Malicious Linux Desktop Files

May 14, 2025
DoppelPaymer Ransomware Suspect Apprehended

Hackers Trade Nearly $2 Billion in Japan

May 13, 2025
DoppelPaymer Ransomware Suspect Apprehended

New UK Law for Enterprise IoT Security

May 13, 2025
DoppelPaymer Ransomware Suspect Apprehended

DoppelPaymer Ransomware Suspect Apprehended

May 13, 2025

Latest Alerts

Microsoft Defender Bug Allows SYSTEM Access

Uncanny Automator Bug Risks WordPress Sites

Devs Hit By PyPI Solana Token Secret Theft

Hackers Exploit Output Messenger Zero-Day

ASUS Fixes Critical Flaws in DriverHub

Apple Fixes Critical Bugs in iOS and MacOS

Subscribe to our newsletter

    Latest Incidents

    Alabama Cybersecurity Event Hits Services

    Andy Frain Data Breach Impacts 100k People

    Hong Kong DSC Hit By Ransomware Attack

    Alleged Steam Breach Exposes 89M Records

    Ulhasnagar Municipal Corporation Hacked

    Madison County Iowa Systems Disrupted

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial