Crypto: Russian Police Detained a Group of Online Criminals

Cryptocurrencies have the potential to make life easier for millions of people around the globe. Moreover, thanks to crypto money, people do not have to worry about many problems. However, some people are using cryptocurrencies for illegal activities. Unfortunately, such cases have a negative impact on the public as someone may link crypto to various crimes.

Nevertheless, people should keep in mind that cryptocurrencies offer advantages unattainable to fiat currencies.

Recently, Russian authorities more precisely, Russian police detained a group of online criminals. According to the Ministry of Internal Affairs, the criminal group reportedly sold massive amounts of counterfeit banknotes on the dark web in return for cryptocurrencies.

Crypto and illegal activities

According to the information, the criminal group has managed to sell more than 1 billion counterfeit Russian rubles, worth around $13 million.

Let’s have a look at this case. Based on the information provided by Russia’s Ministry of Internal Affairs, perpetrators engaged in illegal activity via a darknet store. Interestingly, they used Russia’s largest darknet marketplace Hydra.

Importantly, the store was operating under the “Bank of Russia” name. As a reminder, the Bank of Russia is an alternative title to the country’s central bank. Moreover, the criminal group was using high-quality banknotes.

Online criminals operated this store for about a year. Furthermore, they sold fake Russian rubles only for crypto. This criminal group sold small batches of counterfeit currencies for 30% of their nominal value. However, in case someone wanted to buy a big batch Russian rubles online perpetrators sold bulk fake notes for just 10-15%.

Furthermore, the Russian Federation is not the first country with similar problems. For example, last year Portuguese police and Europol seized funds worth nearly $80,000.

Governmental, as well as private organizations, should pay more attention to such problems to prevent such cases from happening in the future.