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UAPS, PM2BTC, Cryptex Linked to $1.15B in Illicit Transactions

The U.S. Department of Justice on Thursday seized domains connected to three crypto exchanges allegedly facilitating over $800 million in illegal transactions. This move is part of a coordinated effort against Russian money laundering operations, according to the DOJ. The crackdown has spanned multiple government agencies, including the Treasury, Secret Service, and international partners.

Russian national Sergey Ivanov, also known by his alias “Taleon,” faces indictment. He allegedly ran several crypto-based money laundering services that cybercriminals heavily relied on. These services catered not just to everyday criminals but to ransomware operators and dark web drug dealers. Ivanov reportedly operated UAPS, PinPays, and PM2BTC—exchanges that handled a staggering $1.15 billion in digital transactions.

Authorities disclosed that 32% of Bitcoin passing through these platforms was tied to illicit activity, including $158 million in fraud and more than $8.8 million traced back to ransomware payouts. These exchanges allowed cybercriminals to keep their operations running with minimal friction.

Cryptex, Joker’s Stash Also Targeted in Sweep

But the DOJ didn’t stop with just Ivanov. Russian national Timur Shakhmametov, or “JokerStash,” also got swept into the crackdown. He’s been accused of operating Joker’s Stash, once considered the top carding marketplace. His platform specialized in selling stolen payment card data to buyers all around the world.

Alongside U.S. action, Dutch authorities played a pivotal role by seizing servers that hosted both PM2BTC and Cryptex. Cryptex had handled even more volume, about $1.4 billion in crypto transactions, but like Ivanov’s operations, it had dirty hands. An estimated 31% of Cryptex’s business had criminal origins, according to blockchain analysis.

The U.S. Secret Service received court authorization to seize the domains of these shady exchanges. Now, anyone attempting to visit UAPS, PM2BTC, or Cryptex is greeted with a government warning, signaling the full takedown of these entities.

DOJ and Treasury Ramp Up Sanctions and Indictments

“Today’s actions highlight the Department’s continued disruption of malicious cyber actors and their criminal ecosystem,” said Deputy Attorney General Lisa Monaco. The indictment charges Ivanov with conspiracy to commit bank fraud and money laundering, including transactions tied to Joker’s Stash.

On top of the indictments, the U.S. Treasury hit Ivanov and Cryptex with sanctions. And to make sure this isn’t the end, the State Department offered a reward of up to $11 million for information that leads to the capture of key figures in the operation.