FBI Busts $70M Crypto Laundering Network E-Note—Operator Charged

Authorities seized E-Note, a crypto exchange accused of laundering $70 million for cybercriminals since 2017. Its operator faces conspiracy charges as officials continue investigating.

U.S. authorities, in collaboration with international partners, have dismantled the E-Note cryptocurrency exchange, which laundered over $70 million in illicit funds since 2017. The service, allegedly operated by Mykhalio Petrovich Chudnovets, enabled cybercriminals to move proceeds from ransomware attacks and other cybercrimes across borders, converting cryptocurrency into fiat currency through a network of money mules and complex transaction chains. E-Note’s infrastructure, including servers, databases, websites, and mobile apps, was seized in a coordinated operation involving the FBI and other law enforcement agencies. The indictment against Chudnovets alleges that E-Note played a crucial role in helping cybercriminals obscure the origins of their funds, making it difficult for authorities to trace the money. The case highlights the growing capabilities of law enforcement to track and disrupt international crypto laundering operations, though challenges remain due to the decentralized nature of cryptocurrencies. Chudnovets faces a conspiracy charge, with a potential sentence of up to 20 years in prison, as authorities continue to investigate and identify other users of the service.