FSB raids Moscow crypto exchanges over fraud

FSB and Interior Ministry raided nine Moscow crypto exchanges, detaining over 20 people for laundering phone scam proceeds linked to Ukraine. A criminal fraud probe is underway, with penalties up to 10 years in prison.

Russian authorities have carried out coordinated raids on nine unregistered cryptocurrency exchanges in Moscow City, detaining more than 20 individuals. The Federal Security Service (FSB), working with the Interior Ministry, alleges these exchanges laundered money stolen from Russian citizens via phone scams. The illicit funds were reportedly converted into cryptocurrency and transferred to accounts managed by Ukrainian handlers. Many of those detained were young people recruited as couriers to collect cash from victims. The Interior Ministry has launched a criminal investigation into large-scale fraud, which could result in prison sentences of up to 10 years. The FSB continues to identify victims and gather evidence to recover damages. While authorities have not disclosed total transaction volumes, they noted that millions of dollars were laundered in a single day in some cases.