Russia Shuts Down Nine Unregistered Crypto Exchanges in Moscow Over Ukraine-Linked Scam Funds

Russian authorities have cracked down on an illicit cryptocurrency operation in Moscow, shutting down nine unregistered crypto exchange points and detaining over twenty employees.

The exchanges were allegedly used to transfer money stolen via phone fraud overseas, with some victims being pensioners who were lured into buying cryptocurrencies. The FSB said the platforms were linked to call centers in Ukraine, where Ukrainian handlers received the cryptocurrency transfers.

The investigation also identified couriers, mostly young people between 18 and 25 years old, who collected money from victims before delivering it to crypto exchange locations. These couriers were recruited remotely to operate at exchange points, often with limited financial expertise.