E-Note platform accused of laundering over $70 million

Key points:

• The US FBI shut down the E-Note crypto platform, through which more than $70 million was laundered.
• The authorities accused a Russian citizen of running the service and seized the platform’s key infrastructure.

The US FBI shut down a cryptocurrency laundering service run by a Russian citizen. The platform in question is E-Note, through which, according to US authorities, more than $70 million was obtained as a result of cybercrimes committed. Simultaneously with the closure of the service, federal prosecutors in the Eastern District of Michigan brought charges against 39-year-old Mykhalio Chudnovets, who is said to be the organizer of the scheme.

The platform was used by cybercriminals to convert stolen cryptocurrency into fiat money and transfer funds across borders. During the operation, law enforcement officers seized E-Note’s servers, websites, and mobile applications, and gained access to customer databases and transaction histories, which may assist in further investigations.

A blow to the financial infrastructure of cybercrime

According to investigators, E-Note had been operating since 2010 and had been actively used since 2017 to launder proceeds from ransomware attacks. Experts say the service served groups targeting, among others, US medical facilities and critical infrastructure.

The operation to shut down the platform was carried out in conjunction with European law enforcement agencies, including those in Germany and Finland. The FBI emphasized that depriving criminals of financial channels is one of the key ways to combat cyberattacks and extortion.

Despite such measures, crypto crime remains a serious global problem. Analysts note an increase in the volume of stolen digital assets and point to the activity of international hacker groups. The US authorities and their partners believe that coordinated action against such services will complicate the monetization of cyberattacks and increase the risks for criminals.