Russian Teens Arrested for ‘Crypto-powered Money Laundering’ – Report

Two Russian teenagers have been apprehended on suspicion of running a crypto-powered “money laundering” scheme, according to a police source. The anonymous law enforcement officer in the Khanty-Mansi Autonomous Okrug revealed that the teenage brothers had enticed other teenagers in the region to participate in their illicit activities. The investigation was initiated after the parents of some of the involved teens reported the organized crime group’s operation to the authorities. The two brothers allegedly offered their peers monetary rewards for conducting cryptocurrency transactions through their bank accounts. One of the teens managed to process almost $22,000 worth of crypto-related funds, earning approximately $4,400 in cash, which he hid at home. The case has garnered attention from the federal Investigative Committee of the Russian Federation, with Committee Chief Alexander Bastrykin personally intervening. While crypto exchanges are currently illegal in Russia, authorities are urging the implementation of regulatory laws to combat money laundering and criminal activities associated with cryptocurrencies. Lawmakers are also deliberating a bill that proposes banning all domestic crypto exchanges, except for official sandbox operators, while legalizing industrial crypto mining and granting energy providers the authority to monitor home-based crypto miners.