FSB Raids Nine Moscow Crypto Exchanges Over Alleged Ukraine-Linked Fraud Network

Russia's FSB conducted a coordinated raid on nine unregistered cryptocurrency exchanges in Moscow, detaining over 20 workers and opening a large-scale fraud investigation. The operation targeted exchange offices allegedly serving Ukraine-based scam call centers.

The FSB said the exchange offices converted stolen funds into cryptocurrency before sending assets abroad, with authorities linking the transfers to accounts controlled by people connected with Ukrainian call centers.

Investigators believe scammers kept victims engaged remotely while directing each financial step, allowing fraud proceeds to move beyond Russia through digital assets. The inquiry will determine the total value moved through the nine suspected channels and examine how each office handled cash, cryptocurrency purchases, and subsequent transfers.