US Charges Russian Operators of Cryptex and PM2BTC in Cybercrime Laundering Crackdown

The United States unsealed charges against two Russian nationals accused of operating the cryptocurrency services Cryptex and PM2BTC, alleging they ran billion-dollar money-laundering infrastructure used by cybercriminals to process ransomware proceeds, darknet market payments, fraud revenue, and sanctions-evasion transactions. Treasury simultaneously moved against the network: FinCEN labeled PM2BTC a primary money laundering concern and barred certain fund transfers involving the service, while OFAC sanctioned Cryptex and alleged facilitator Sergey Sergeevich Ivanov. The action was coordinated with the U.S. Secret Service, Dutch law enforcement, and a State Department reward offer of up to $10 million for information on Ivanov.

The case extends a broader U.S. campaign against Russian cybercrime finance channels that previously targeted Hydra Market and the exchange Garantex. Treasury has described Hydra as a major darknet marketplace that enabled ransomware-as-a-service, stolen data sales, and other illicit trade, while Garantex allegedly processed more than $100 million tied to illicit actors despite anti-money-laundering deficiencies. Together, the latest charges and sanctions show U.S. authorities escalating efforts to cut ransomware operators and other Russian-linked cybercriminals off from the virtual-currency services they rely on to move and cash out illicit funds.