Russian authorities have opened a criminal case against the creators of the anonymous payment system UPS and the cryptocurrency exchange Cryptex, accusing them of organizing a criminal community and engaging in illegal financial activities.
The Main Investigation Department of the Investigative Committee in Moscow, in collaboration with the Ministry of Internal Affairs, revealed that the platforms were used to conduct unlawful banking operations and cybercrime-related transactions.
According to investigators, the defendants used their banking expertise to create the UPS payment system and the Cryptex cryptocurrency exchange in 2013. These platforms, alongside 33 other online services, enabled the illegal exchange of currencies, cryptocurrencies, and bank cards. Their primary users were hackers and cybercriminals, who utilized the services to launder criminal proceeds.
By 2023, the turnover of funds through the criminal network had surpassed 112 billion rubles, with the organizers profiting 3.7 billion rubles.
The investigation involved 148 searches across 14 regions in Russia, resulting in the detention of 96 individuals connected to the platforms. Moscow investigators worked alongside multiple agencies, including cybercrime units from Moscow and St. Petersburg, to dismantle the operation.
This case highlights the growing misuse of cryptocurrency platforms and anonymous payment systems in facilitating illegal activities.
