Security News > 2022 > April > Russian hackers are seeking alternative money-laundering options
The Russian cybercrime community, one of the most active and prolific in the world, is turning to alternative money-laundering methods due to sanctions on Russia and law enforcement actions against dark web markets.
First came the bank sanctions and the blocking of SWIFT payments, a result of the Russian invasion of Ukraine.
Then came the suspension of Russian operations of direct money transfer services such as Western Union and MoneyGram.
The following day, the U.S. sanctioned Garantex, one of the most important platforms Russian cybercriminals used for laundering stolen funds, which followed a wave of sanctions on similar platforms starting in 2021.
According to Flashpoint data collected from cybercriminal forums, Russian hackers have mostly turned to Chinese payment systems, including Chinese banks and the Union Pay cards system.
Since bank problems arose, a new category of money launderers has emerged, offering money routes through banks in countries like Armenia, Vietnam, or China, that have not imposed sanctions on Russian banks.
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