“A billion-pound laundering network spread across the UK used cryptocurrency to move criminal proceeds and help Russian interests evade sanctions, according to the NCA.”, — write: www.coindesk.com
The operation, uncovered through the NCA’s long-running “Operation Destabilise,” has already led to 128 arrests and the seizure of more than £25 million in cash and digital assets. Investigators say the network was so entrenched that it even acquired its own bank to streamline illicit payments linked to Russian interests.
Couriers reportedly collected bags of “dirty” cash before it was quickly moved into crypto markets. The NCA warned that these flows are not just fueling UK criminal activity but also connecting directly to “geopolitical events causing suffering around the world.”
Blockchain transparencyDespite the common perception that digital assets offer anonymity, the NCA stressed that blockchain transparency is proving instrumental in mapping these criminal pipelines.
Chainalysis’ vice president, Madeleine Kennedy, told Sky News that public blockchains provide “a poor vehicle for money laundering,” enabling law enforcement to trace funds tied to drug trafficking, sanctions evasion and cybercrime.
One alleged ringleader, Russian national Ekatarina Zhdanova, described by investigators as a key financial conduit for cybercriminals and Russian elites, is currently detained in France awaiting trial.
UK security minister Dan Jarvis said the operation exposes how Russia relies on covert financial channels, including crypto-based laundering, to evade sanctions.
“It will never be tolerated on our streets,” Jarvis said.
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The chief of crypto-focused multi-family office Digital Ascension Group talks about his VIP services for wealthy holders of digital assets.
- Digital Ascension Group helps high-net worth individuals structure their crypto estates and provide succession planning, handle taxes and so on.
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