Cyberpolice bust scheme of money-laundering through cryptocurrencies

Ukraine's cyber police have exposed a money-laundering ring that used cryptocurrencies to launder some US$42 million to date.

Read alsoUkraine cyberpolice to promote cryptocurency legalizationLaw enforcers got a tip on three members of the criminal group through cooperation with international experts in the field of digital currencies.

Laundering through crypto: investigation details

The scheme was exposed in June of this year. The perpetrators would render services on legalizing and cashing funds derived from illegal activity.

Over the past two years, cybercriminals have made illegal transactions worth $42 million.

The three defendants who have been apprehended are now facing up to eight years behind bars.

Pre-trial investigation is underway.

In early 2020, Ukraine's cyber ​police, which is a separate department in the structure of National Police, launched cooperation with Binance, one of the world's largest digital currency exchanges. The company's experts apply innovative algorithms to analyze and identify transactions potentially associated with financial crime and fraud.