CandleFocus US OFAC Officials Report Millions of Dollars in Money Laundering Through a Cryptocurrency – Funds Frozen
2024-12-08
Author: Content Editor
The United States Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on individuals and entities involved in a Russian money laundering network that utilized Tether (USDT) and other cryptocurrencies for illicit transactions. The network, allegedly led by Ukrainian national George Rossi, operated through the TGR Group and provided services such as cash-to-crypto exchanges and assisting Russian citizens in purchasing property in the UK. OFAC has sanctioned five individuals and four entities associated with these activities. Tether froze around $8 million in assets related to the network following the announcement of sanctions.
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