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Russian Teens Arrested for ‘Crypto-powered Money Laundering’

Two Russian teenagers have been arrested for their involvement in a suspected crypto-powered “money laundering” ring, as reported by a police source on May 14. According to the news agency URA, an unnamed member of a “law enforcement agency” in the Khanty-Mansi Autonomous Okrug stated that the teenage brothers had lured other teenagers in the region into their scheme.

The source mentioned that in April, some parents of the teens sent a statement to law enforcement agencies in the region, alerting them to the fact that their children had been involved in an illegal crypto exchange operation orchestrated by an organized crime group. This prompted the police to launch an investigation into the matter.

It was revealed that the two brothers incentivized their peers with small financial rewards to process crypto-related transactions through their bank accounts. One of the teenagers managed to transact nearly $22,000 worth of crypto-related funds through their bank account within two months, earning around $4,400 in cash, which he reportedly kept hidden under his pillow at home.

The case has attracted the attention of the federal investigative agency, the Investigative Committee of the Russian Federation. Committee chief Alexander Bastrykin personally intervened in the matter, and the regional branch of the committee is closely monitoring the case.

Despite the lack of legal status for crypto exchanges in Russia, the nation’s anti-money laundering agency Rosfinmonitoring has urged Moscow to expedite the implementation of regulatory laws. Both the agency and law enforcement authorities claim that crypto has become a preferred choice for money launderers and criminals in Russia.

Lawmakers are expected to discuss a crucial piece of crypto-related legislation in the near future. The proposed bill suggests banning all domestic crypto exchanges, with the exception of officially sanctioned sandbox operators. Additionally, the bill aims to empower energy providers to crack down on home-based crypto miners.

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