TL;DR Breakdown
• Hydra would be working from Moscow and Germany.
• OFAC will continue to investigate all exchanges that do not comply with its regulations.
The foreign fund’s surveillance agency, or OFAC, has penalized the crypto exchanges, Garantex and Hydra Darknet trading platforms. According to reports, both crypto companies are reportedly linked to cyber-crimes, the dark web, and crypto scams perpetrated in recent months.
One partner at “The Volkox” law firm, Matt Stankiewicz, is pleased to lend his support to OFAC in making these sanctions effective. At the beginning of April, the agency investigated the operations in Hydra, concluding that its market supports cyber-attacks via Ransomware, Darknet, and other illegal means.
OFAC penalizes two Russian crypto companies
The highest US cyber-crime surveillance agency, OFAC, has had difficult days when its agents have had to investigate the latest events linked to the crypto market. The criminalization of two crypto companies from Russia was completed after their partnership with Chatex and the Suex exchange was confirmed.
The agency also clarifies that it has about one hundred Russian crypto wallets that will be investigated. Many of these wallets would offer their operations with Bitcoin, USDT, and the Ethereum token.
After the agency’s announcements, Yellen Janet, Secretary of the Treasury, said that most cyberattacks come from Russia due to criminal immunity. Yellen herself confesses that it is an issue that should concern the country, knowing they are becoming more regular.
Garantex’s case damages crypto market popularity
The OFAC agency clarifies that the Garantex case has been neutralized after confirmation of its fraudulent operations. According to the agents, the crypto platform operated from Moscow, Saint Petersburg, and possibly from other cities on Russian territory. The crypto platform is implicated in money laundering and financial aid to terrorism.
After the crypto market reached its highest popularity levels in recent months, regulators have got to work to shut down illegitimate exchanges. The perspective of US regulators is that crypto platforms must follow guidelines to operate in the territory, including transparent operations and a KYC scheme.
The cybercrime investigation agency and the SEC are constantly clamping down on crypto platforms that do not comply with their rules. If they do not comply with them, the domain might be closed or reviewed, as was the case of the Hydra company. The details indicate that the crypto company would be operating illegally from Russia and Germany, of which the legislative bodies are already aware. The company is already implicated in fraudulent operations amounting to about $25,000,000 in cryptos.
