Lemmy.World

Western authorities say they’ve identified a network that found a new way to clean drug gangs’ dirty cash. WIRED gained exclusive access to the investigation.

Summary

Ekaterina Zhdanova, a Russian socialite turned entrepreneur, is accused of leading a massive money-laundering network, the Smart Group, which allegedly swaps Russian cryptocurrency for cash to help oligarchs, ransomware gangs, and criminals evade sanctions.

Operation Destabilise, involving U.S., UK, and European authorities, also targeted TGR Group, run by George Rossi, which integrates laundered funds into legitimate financial systems.

Both networks allegedly moved billions annually.

Investigators uncovered sophisticated methods, such as crypto layering and cash-for-crypto swaps linked to organized crime, Russian elites, and state entities like RT.

Authorities arrested 84 people, seized millions, and imposed sanctions, but some network components may remain active.