FSB Raids Nine Moscow Crypto Exchanges Over Fraud Links

Russia's Federal Security Service (FSB) and Interior Ministry recently conducted joint raids on nine unregistered cryptocurrency exchange services in Moscow City, detaining over 20 employees in the process.

The authorities alleged that these exchanges were involved in converting stolen funds from Russian victims of telephone scams into digital assets before transferring them to wallets controlled by handlers outside the country.

The FSB stated that the alleged network began with conventional fraud, where victims were persuaded to hand over rubles to couriers who then delivered the cash to exchange offices in Moscow City. Employees at these offices allegedly converted the money into digital assets that could be transferred across borders without relying on international bank payments.

The Interior Ministry opened a criminal case involving large-scale fraud, which can carry a prison sentence of up to 10 years under Russian law. Investigators are tracing the movement of funds and attempting to identify additional victims, while authorities also examine whether recovered assets could eventually be used to compensate victims.