The FBI just dealt a $70 million blow to the world of cybercrime. Working with police in Germany and Finland, they finally shut down a major online business that helped hackers hide their stolen cash for years. This network, known as E-Note, was like a secret bank for international cybercrime gangs.
As we know it, hackers use cryptocurrency to stay hidden, but E-Note made it much easier for them to move that money across borders. Since 2017, investigators have tracked over $70 million in illegal funds flowing through the service.
These weren’t victimless crimes. These hackers targeted essential services, including American hospitals and power plants, through ransomware attacks, a method where they lock up important files and demand a fee/ransom to release them.
“E-Note provided money laundering services to cyber criminals who used ransomware and other cyber attacks against multiple victims,” the FBI Cyber Division wrote in its post. on LinkedIn.
A Decade of Growth
The man allegedly behind the curtain is Mykhalio Petrovich Chudnovets, a 39-year-old Russian national. FBI’s investigation revealed that his business didn’t just appear overnight; he began offering money laundering services as far back as 2010.
What started as a small setup grew into a massive operation. Chudnovets used a money mule network, which means using real people to move illegal money, to help hackers swap their digital coins for regular cash. While a warrant is out for his arrest, officials haven’t confirmed if he is actually in custody yet.
How the Takedown Happened
United States Attorney Jerome F. Gorgon, Jr. and Jennifer Runyan, the Special Agent in Charge of the FBI’s Detroit Division, officially announced the takedown. According to officials, the FBI also got hold of earlier copies of the servers. This means they now have databases and records showing years of transactions and customer details.
In addition to the server records, police have seized the main websites, including e-note.com, e-note.ws, and jabb.mn, as well as the mobile apps used to run the business. This shows the massive scale of the global crackdown.
Chudnovets now faces a charge of money laundering conspiracy, which could lead to 20 years in prison. Currently, the Michigan State Police and international teams are going through the records to find others who used the service. If you think your funds were moved through this network, the FBI wants you to email them at [email protected].
In its official press release, the US Department of Justice recognised the critical help of several partners, including the German Federal Criminal Police Office, the Finnish National Bureau of Investigation, and the Michigan State Police Michigan Cyber Command Center (MC3).