The U.S. Department of Justice has struck at the technical backbone of large-scale cryptocurrency money laundering.
The agency announced the seizure of a cloud computing account used by subsidiaries of Cambodia-based Huione Group. The account hosted backend infrastructure for services that allegedly helped transfer proceeds from cryptocurrency investment frauds, cyber scams, and other crimes.
Officials say the account was used to move funds across blockchain networks and into the legitimate banking system without detection.
The FBI reported Americans lost over $20 billion to cybercrime last year, a 26% single-year increase.