The US Department of Justice says it has struck the technical backbone supporting large-scale cryptocurrency money laundering operations.
The Ministry of Justice has Announce Seizing a cloud computing account used by subsidiaries of the Cambodia-based Huione Group.
The agency says the account hosted back-end infrastructure for services that allegedly helped funnel proceeds from cryptocurrency investment scams, online scams and other crimes.
The account was allegedly used to move funds across blockchain networks and into the legitimate banking system without detection.
“Huione Assurance allegedly operated Telegram channels containing discussions of illicit products and/or services, ranging from the sale of stolen credit cards and identity information, the fruits of malware-enabled thefts, and the purchase of individuals for human trafficking schemes, as well as helping to launder the proceeds of romance and investment scams.
Huione has also provided escrow services to criminals transacting on its platforms to facilitate transactions, including money launderers who launder cryptocurrencies. In doing so, Huione facilitated ensuring the movement of significant funds stolen by fraud centers in Southeast Asia.
The move is part of broader efforts to disrupt financial services that support cyber thieves.
The FBI says Americans reported losses of more than $20 billion due to cybercrime last year, an increase of 26% in one year.
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