Regulators in the US and UK Sanctioning Russian Scammers Trickbot
The ongoing crypto crimes conducted by Russian criminals Trickbot has prompted the US and UK regulators to collaborate in initiating disciplinary action. A statement issued by the Treasury Department on February 9 revealed that the suspicious activities conducted by Trickbot undermined the economic prosperity of the US and its international partners.
Correspondingly, the report revealed that the legal actions taken by the UK and the US against the Russian gangster aimed at strengthening international unity and cooperation.
Regulators Targeting to Eliminate Russian Cyber Crime
The suspicious group Trickbot has threatened the US and the UK. During the Covid-19 pandemic, Trickbot launched a ransomware attack targeting healthcare facilities in the US. The Russian gang is said to be led by Vitaly Kovalev, a cybercrime expert. Kovalev’s leadership has inspired the Trickbot group to yield measurable amounts from cybercrime.
As per data from Chainalysis, Trickbot mirrors the Lazarus group and ranks second in cybercrime activities. The gangsters generated more than $724M from malicious activities in 2022.
Following this, numerous probes have been launched by regulators in an attempt to bring down the Kovalev regime.
The Treasury Department’s Office of Foreign Assets Control (OFAC) listed the suspects under the Specially Designated Nationals (SDN). This resulted in restrictions on asset ownership and travel bans within the US and UK.
Why are Russian Criminals Attacking the US and UK?
Despite the imposed sanctions, Trickbot continues to cause havoc in the crypto realm. As a result, the regulators in the UK and US have vowed to combine forces to halt the operation of Trickbot. Initially, the two countries utilized the joint sanction approach to cut down Kinahan’s criminal activities in 2022.
A report from a US expert in terrorism and financial intelligence matters, Brian E. Nelson, dated February 9, revealed that the unlawful moves made by Trickbot targeted to compromise critical financial and business systems in the US and UK. Nelson restated that Russia has become a center for cybercrime activities.
The report unveiled that Trickbot comprises seven members linked to cyber crimes and money laundering activities. The UK and US have vowed to be at the frontline in pulling down Russian-based cyber criminal activities.
Before this, executives from the US treasury revealed that the Financial Crimes Enforcement Network unit linked Bitzlato company to a Russian money laundering scheme that escaped with over $700M.
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