A major digital pipeline used by cybercriminals to “wash” illicit funds has been severed following a coordinated international law enforcement operation.
The United States Attorney’s Office for the Eastern District of Michigan announced Tuesday the seizure of the online infrastructure behind “E-Note,” a cryptocurrency exchange platform accused of facilitating money laundering for transnational criminal organizations.
Authorities allege the platform processed over $70 million in illicit proceeds since 2017, much of it stemming from ransomware attacks targeting U.S. healthcare systems and critical infrastructure.
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In connection with the takedown, prosecutors unsealed an indictment charging Mykhalio Petrovich Chudnovets, a 39-year-old Russian national, with money laundering conspiracy.
According to federal court filings, Chudnovets has been involved in laundering services for cybercriminals since roughly 2010. Investigators say he controlled and operated E-Note, which provided a critical “cashout” service—allowing hackers to transfer criminal proceeds across borders and convert cryptocurrency into fiat cash.
The operation involved the seizure of servers hosting the suspect’s operations and mobile applications, along with three specific domain names: “e-note.com,” “e-note.ws,” and “jabb.mn.” Additionally, U.S. law enforcement secured historical data from Chudnovets’ servers, obtaining customer databases and transaction records that could shed light on years of criminal activity.
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“This coordinated action disrupts a significant node in the cybercrime ecosystem,” officials noted regarding the operation, which relied on cooperation from the German Federal Criminal Police Office, the Finnish National Bureau of Investigation, and the Michigan State Police Michigan Cyber Command Center (MC3).
If convicted of the conspiracy to launder monetary instruments charge, Chudnovets faces a maximum penalty of 20 years in federal prison. The case is currently being prosecuted by Assistant U.S. Attorney Timothy Wyse following an investigation by the FBI Detroit Cyber Task Force.
The FBI is urging any individuals or entities who believe their funds may have been laundered through the Chudnovets network to contact investigators at e-note-information@fbi.gov.
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