Ryuk Ransomware Gangs Crypto Broker Gets Light Sentence After Guilty Plea

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Denis Dubnikov, founder of two OTC trading desks in Russia linked to ransomware attacks, was sentenced to no jail time and $2,000 forfeiture last week after a guilty plea, according to court documents.

Dubnikov is one of the founders of Coyote Crypto and Eggchange OTC services in Russia. He was arrested in 2021 in the Netherlands and extradited to the United States in 2022 for helping ransomware hackers cash in crypto. According to the US Department of Justice, Dubnikov helped notorious ransomware group Ryuk launder more than $400,000 in ransomware.

According to an indictment, Dubnikov was among brokers who helped Ryuk launder ransomware payments by splitting the payments into multiple smaller amounts, transferring them between self-hosted wallets, and then exchanging bitcoins for tether. , other cryptocurrencies and fiat, especially the Chinese yuan.

If found guilty, Dubnikov would have spent up to 20 years in prison. But last February he pleaded guilty to conspiracy to launder money, and on April 11 Dubnikov was sentenced to time served, meaning he will be released on word. Dubnikov was also ordered to confiscate $2,000, according to trial documents.

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