Russian Teens Arrested in Connection with Alleged Crypto-Powered Money Laundering Scheme
According to a police source, two Russian teenagers have been arrested as part of an investigation into a suspected crypto-powered money laundering ring. The source, a member of an unnamed law enforcement agency in the Khanty-Mansi Autonomous Okrug, stated that the teenage brothers lured other teens in the region to participate in their scheme.
In April, the parents of some of the teens reportedly sent a statement to local law enforcement agencies, claiming that an organized crime group had involved their children in an illegal crypto exchange operation. The police were previously unaware of the scheme but launched an investigation following the tip-off.
The source revealed that the two brothers incentivized their peers by offering them small financial benefits to process crypto-related transactions through their bank accounts. One of the teens managed to transact almost $22,000 worth of crypto exchange-related funds over a two-month period, earning around $4,400, which he allegedly hid under his pillow at home.
The case has attracted the attention of the federal investigative agency, the Investigative Committee of the Russian Federation, and its chief, Alexander Bastrykin, has personally intervened. The regional branch of the committee is also monitoring the case.
Crypto exchanges currently have no legal status in Russia, but the nation’s anti-money laundering agency, Rosfinmonitoring, has called for the expedited implementation of regulatory laws. Both Rosfinmonitoring and the police assert that crypto has become the preferred choice for money launderers and criminals in Russia.
In the coming weeks, lawmakers are expected to debate a significant piece of crypto-related legislation. The proposed draft bill suggests banning all domestic crypto exchanges, with the exception of official sandbox operators. The bill also proposes granting energy providers the authority to track down and penalize home-based crypto miners, while simultaneously legalizing the industrial crypto mining sector.