US Charges Two Russians in Multi-Billion Dollar Money Laundering Scheme

US federal prosecutors have filed criminal charges against two Russian nationals accused of operating large-scale money laundering operations, seizing websites connected to illicit cryptocurrency exchanges as part of ongoing efforts to combat Russian cybercrime.

According to the US Department of Justice, Sergey Ivanov has been involved in money laundering for nearly two decades, establishing himself as one of the most enduring figures in this type of cybercrime. Another suspect, Timur Shakhmametov, is believed to have managed the cybercriminal marketplace known as “Joker’s Stash,” which profited hundreds of millions of dollars from the sale of stolen payment card information.

At this time, neither Ivanov nor Shakhmametov are in custody. The US State Department has offered a $10 million reward for information leading to their arrest or conviction.

Both men face charges in the Eastern District of Virginia. Ivanov and Shakhmametov are accused of bank fraud and money laundering-related offenses, with Shakhmametov also charged with conspiracy to commit fraud through access to stolen payment card data.

Additionally, the US Treasury Department has imposed sanctions on Ivanov and the cryptocurrency exchange “Cryptex,” which US authorities link to cybercriminal activity worth hundreds of millions of dollars. Deputy Attorney General Lisa Monaco stated, “Working with our Dutch partners, we have shut down Cryptex, an illicit crypto exchange, and recovered millions in cryptocurrency.”

The investigation, led by the US Secret Service, resulted in the seizure of several web domains linked to Cryptex. Authorities have also obtained court orders to confiscate domains tied to other money transfer services allegedly connected to Ivanov.

Both Ivanov and Shakhmametov are suspected of operating “carding” websites, such as Joker’s Stash, which sold stolen credit and debit card information. These sites reportedly offered financial data from tens of millions of Americans. Law enforcement also reports that millions of dollars in ransomware payments and darknet drug transactions may have passed through crypto accounts associated with Ivanov’s services.

Efforts to curb Russian cybercriminal operations have faced challenges. In January 2022, Russian authorities briefly detained a suspect involved in a ransomware attack on a US pipeline operator. However, US officials' hopes for improved cooperation on cybercrime diminished following Russia’s full-scale invasion of Ukraine in February 2022.

Joker’s Stash was a major player in the Russian cybercriminal underworld, particularly noted for promoting data stolen from major US corporations. Despite the forum’s closure in 2021 after law enforcement seized some of its servers, US authorities continue to pursue Ivanov and Shakhmametov.