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View profile for Phil L., graphic

Director of Investigations, Chainalysis

Incredible work by my former team at the National Crime Agency (NCA) and international partners in disrupting a multi-billion-dollar Russian money laundering network that supported serious and organised crime around the world. Operation Destabilise—an exceptionally complex investigation into a vast, sophisticated transnational crime syndicate spanning over 30 countries—led to more than 80 arrests and the seizure of millions of pounds in cash and cryptocurrency. The Smart and TGR networks leveraged cryptocurrency to launder the proceeds of crime across jurisdictions, offering illicit services to a diverse clientele: cash-rich drug suppliers in the U.K., crypto-dependent ransomware operators in Russia, and wealthy elites bypassing sanctions. As I’ve argued and observed for nearly a decade, cryptocurrency is used across various types of crime to store and transfer value. This case provides valuable insight into how organised money laundering networks exploit this technology to facilitate serious and organised crime groups and their illicit activities, which impact communities worldwide. It’s essential to continue raising awareness across the ecosystem, educating investigators, and equipping them with reliable tools and data (Chainalysis 😉 ) to develop intelligence, secure evidence, and seize assets effectively. Huge respect and credit to everyone involved—an outstanding result! #destabilise #crypto #chainalysis

Russian crypto criminals helped UK drug gangs launder lockdown cash

Russian crypto criminals helped UK drug gangs launder lockdown cash

bbc.co.uk

"crypto-savvy ransomware operators" Given ransomeware is almost entirely made possible (certainly the ransom bit) by the existence of crypto, any such operator will be "crypto Savvy".

Ian Kirby CISMP MCIIS

CEO | National Cyber Resilience Centre Group | Detective Superintendent, UK Law Enforcement | Strategic liaison between global business & law enforcement to improve cyber resilience in UK Micro & SME's

2w

Fantastic work by all those who work tirelessly to combat such threats, another great job Phil L.

Reginald Quaynor

CAMS CCAS Certified | International Trade & Business | Investment Advisor | ISO 22301 & 9001 Certified | Consultant | Hybrid Audit | E-commerce | Fintech | Regtech | Suptech

2w

While blockchain technology offers transparency and traceability, its pseudonymous nature can also be exploited by organized crime networks for money laundering and other illicit purposes. This highlights the need for robust regulatory frameworks, advanced transaction monitoring tools, and international collaboration to combat misuse while preserving the legitimate benefits of cryptocurrency. Balancing innovation with security remains a critical challenge for governments and industry stakeholders alike. Great work by the team

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