The United States has imposed sanctions against the Russian cryptocurrency exchange

The US Treasury Department has announced sanctions against the Garantex cryptocurrency exchange, due to its connection to illegal transactions for Hydra Market. Also, the US Department of Justice revealed the name of the man behind Hydra Market.

This week, German police located and seized Hydra Market’s serversthe world ‘s largest illegal market known for trafficking in narcotics, stolen data, hacker tools and other illegal goods and services.

The Federal Office of the German Criminal Police (BKA) told the media that there were no arrests, but since the investigation is still ongoing, the police did not want to reveal more information.

During that operation, 543.3 bitcoins, worth 24.3 million dollars, were seized, which is only a part of the huge annual turnover of the site. The US authorities also took part in the action, and soon after the BKA published details about it, the US Department of Justice announced that it had participated in the operation and announced the introduction of sanctions against those behind Hydra.

A statement from the Ministry of Justice named 30-year-old Russian citizen Dmitry Olegovich Pavlov, who is allegedly the administrator of Hydra Market, and whom the American authorities accuse of conspiracy in connection with money laundering and drug distribution.

He is accused of running Promservice Ltd, which operated Hydra Market’s servers, from or about November 2015. It has thus enabled the market to function as a platform used by thousands of drug dealers and other sellers to distribute large quantities of narcotics and other illegal goods and services to thousands of customers, as well as to launder billions of dollars obtained from these illegal transactions. Pavlov allegedly took commissions worth millions of dollars, considering that he played a key role in the work of this Darknet platform.

The US Treasury Department, for its part, sanctioned Garantex, a popular cryptocurrency exchange based in Moscow. Garantex has been accused of money laundering for Hydra. “An analysis of Garantex’s known transactions shows that over $ 100 million in transactions are related to illegal actors and Darknet markets, including nearly $ 6 million from ruske RaaS bande Conti and also about $ 2.6 million from Hydra, “the US Treasury Department said in a statement. Garantex, which was originally registered in Estonia, was already facing legal problems in this country, where it lost its license in February 2022 following an investigation by the Estonian authorities.

The US Treasury Department has also published a list of 100 addresses of cryptocurrency wallets that are directly related to Hydra Market’s operations, which will be blocked.

Source: by

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