Russia’s Federal Security Service (FSB) has detained more than 20 individuals it alleges operated unregistered cryptocurrency exchange offices, allegedly facilitating the transfer of stolen funds from Russian victims to Ukraine. The FSB and Interior Ministry also shut down nine channels for moving money abroad via cryptocurrency, according to a statement released on Friday.
The operation, reportedly targeting Russian citizens, involved Ukrainian call centres allegedly instructing victims—many of whom were pensioners—to purchase cryptocurrency and transfer it to accounts controlled by criminals. The FSB said young people from Russian regions were remotely recruited for the work, often lacking financial literacy.
Russia banned the Ukrainian-founded exchange WhiteBit in January, citing alleged ties to Ukraine’s war effort. However, the FSB did not identify the specific cryptocurrencies or exchanges involved in the recent case. The amount of money allegedly stolen from Russian victims remains undisclosed.
No evidence was released to confirm claims of coordination between Ukrainian call centres and the detained individuals. The FSB’s statement did not provide details on how the alleged transfers were linked to Ukraine, nor did it specify the legal charges against those detained.
The crackdown highlights growing Russian concerns over cryptocurrency’s role in cross-border financial flows, particularly in relation to Ukraine. However, the lack of transparency in the FSB’s allegations raises questions about the scope and verification of the claims.
Written by Daniel Brooks
Security Desk
