How Crypto Helped a UK Crime Gang Move Massive Amount of Cash for Russia
A billion-pound UK money-laundering network used cryptocurrency to convert criminal proceeds, ultimately helping Russia evade sanctions.Summary
The UK's National Crime Agency (NCA) uncovered a billion-pound money-laundering network operating across 28 UK locations that converted proceeds from drug trafficking and organized crime into cryptocurrency. Some of these funds were allegedly used to help Russia bypass sanctions and finance its war effort. The operation, dubbed "Operation Destabilise," resulted in 128 arrests and the seizure of over £25 million in assets, with investigators noting the network even acquired its own bank. Despite common perceptions, the NCA highlighted that blockchain transparency is crucial in tracing these criminal flows, as confirmed by Chainalysis. A key figure, Russian national Ekatarina Zhdanova, is detained in France, and UK security minister Dan Jarvis stated the operation exposes Russia's reliance on covert crypto channels.
(Source：CoinDesk)