Russian security services have pulled back the curtain on what appears to be a sprawling money-laundering operation hiding inside Moscow’s glass-and-steel financial district. In a coordinated sweep, the FSB raids crypto exchanges operating out of offices in Moscow City, arresting more than 20 people accused of helping fraudsters turn stolen rubles into digital currency and move it out of the country.

Key takeaways

• Russia’s FSB, working with the Interior Ministry, arrested more than 20 people in raids on illegal crypto exchanges in Moscow City.
• Nine unauthorized financial channels were accused of laundering funds stolen from Russian citizens through phone scams.
• One suspect claimed up to $2 million was laundered through a single…