As of May 1, the American Federal Bureau of Investigation (FBI), in collaboration with Ukrainian National Police, has taken over nine crypto exchanges involved in cybercrime.
The law enforcement agency seized the following domains: 101btc.pro, 101crypta.com, 24xbtc.com, bitcoin24.exchange, owl.gold, paybtc.pro, pridechange.com, trust-exchange.org, and uxbtc.com. These nine crypto domains were committed to aiding cybercriminals in money laundering.
FBI conducted investigations that showed these platforms neglected anti-money laundering features and collated little Know-Your-Customer details. Therefore, these crypto exchanges violated Sections 1960 and 1956 of the Title 18 United States Code.
FBI confirmed that the joint operation with Ukrainian law enforcement was permitted by the court.
As described by the FBI, these “noncompliant” exchange platforms are at the core of cybercrimes. The agency found these nine platforms backing up their customers’ criminal deeds deliberately and, in turn, became accomplices in such criminal activities.
FBI Cracks Down on Cybercriminals
The FBI has made significant efforts to tackle cybercrime in the crypto world, including establishing the Virtual Currency Initiative (VCI) in 2014.
The VCI aims to develop new investigative techniques and partnerships with industry experts to identify and disrupt criminal activities in the crypto space.
Additionally, FBI has successfully traced and recovered millions of dollars in stolen cryptocurrencies through their partnerships with other law enforcement agencies and the use of cutting-edge technology.
Beware of Cybercrimes in The Crypto World!
It is essential to keep your private keys and seed phrases secure and never share them with anyone. Use multi-factor authentication to ensure an added layer of security and regularly update all security features on your wallet and exchange accounts. Educate yourself about common crypto scams so that you can recognize them, use strong passwords, and take necessary precautions when using public Wi-Fi networks. Remember that preventing cybercrime is a continuous effort. Stay vigilant and keep your crypto assets safe.