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Moscow probes Cryptex, UAPS just days after US sanctions

Author: Content Editor
Russian authorities have launched a criminal case against the founders of UAPS and Cryptex, two anonymous payment systems, following the imposition of sanctions by the US Office of Foreign Assets Control (OFAC). The investigation, led by Moscow's Investigative Committee, alleges that the group generated $40 million in illicit income through illegal banking activities, unauthorized access to protected information, and operating an unlicensed payment infrastructure. UAPS and Cryptex were designed to support cybercriminals in money laundering activities, with more than $1.2 billion flowing through the network in 2023. Russian law enforcement agencies have conducted searches and detained suspects across the country, with charges relating to organized crime and illegal banking activities. OFAC had designated Cryptex and its founder as key facilitators of illicit financial activities, while the US Treasury's Financial Crimes Enforcement Network identified Ivanov's other exchange, PM2BTC, as a primary money laundering concern.

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