The FBI just pulled the plug on a major crypto cash-out operation

The FBI, together with law enforcement agencies in Germany and Finland, has taken down the online backbone of E-Note, a cryptocurrency exchange accused of playing a major role in laundering money tied to cybercrime.

Servers seized in international crypto crackdown

Authorities moved in to seize E-Note’s servers and domains after determining the platform had allegedly been used to launder more than $70 million. Investigators believe the money came from ransomware operations and account takeover schemes, then flowed through a global web of so-called “money mules” designed to hide its origins.

According to the US Attorney’s Office for the Eastern District of Michigan, the coordinated action targeted the websites and backend infrastructure that kept E-Note running. Prosecutors say the exchange acted as a cash-out hub for cybercriminal groups, including those targeting US healthcare systems and other critical infrastructure.

As part of the operation, an indictment was unsealed against Mykhalio Petrovich Chudnovets, a 39-year-old Russian national. He has been charged with conspiracy to commit money laundering. Court filings claim Chudnovets began offering laundering services to cybercriminals as far back as 2010 and later built E-Note into the centerpiece of those activities.

Investigators say E-Note allowed criminals to convert illegally obtained cryptocurrency into cash, making it far easier for them to profit from attacks. Law enforcement seized servers, mobile apps, and domains tied to the exchange, including jabb.mn, e-note.com, and e-note.ws.