Journalists from the American publication Bloomberg conducted their own investigation, dubbing the Federation Tower, Europe's second-tallest building, a "cybercriminal ATM." It received this unflattering label because it housed crypto exchanges that converted cryptocurrencies into fiat currency, circumventing anti-money laundering regulations.
According to the published material, approximately 50 crypto exchanges have operated in the skyscraper since 2018. The US Treasury Department has linked four of them to the laundering of funds obtained through ransomware distribution and has opened criminal cases against them. According to the US Treasury, approximately $1.6 billion has been stolen from users since 2011, some of which was converted into fiat by the crypto exchanges operating in Federation Tower.
Thus, SUEX, whose office is located on the 31st floor of the Federation Tower, is among the companies accused by US authorities of supporting extortionists. According to research agency Chainalysis, it processed transactions related to illegal activity totaling over $160 million. These transactions accounted for approximately 40% of all transactions processed by the company. However, SUEX management completely denies any involvement in laundering illicitly obtained proceeds.
The crypto exchange EggChange, whose office is located on the 22nd floor of the Federation Tower, also came under attack. Three sources with knowledge of the matter reported that EggChange was also involved in criminal cases opened in the US and Europe. However, the US Treasury Department declined to comment on these reports.
The third crypto exchange registered in Federation Tower and accused of processing ransomware-related transactions is Buy-bitcoin.pro. According to Chainalysis, it is responsible for processing hundreds of thousands of dollars in transactions related not only to ransomware but also to the darknet marketplace Hydra and other sources.
Chainalysis also suspected another company that opened an office in the Federation Tower: CashBank. However, neither its management, nor EggChange, nor Buy-bitcoin.pro responded to inquiries sent by Bloomberg employees.
Bloomberg journalists backed up their investigation with a story from one of EggChange's clients. He claimed to have converted cryptocurrency into cash on this crypto exchange without providing any personal information, circumventing anti-money laundering regulations. All the exchange required to complete the transaction was the full name of the money mule who collected the money. And even then, this information was only needed to obtain a building pass in his name.
Stanislav Bibik, a partner at the consulting firm Colliers International, commented on the situation. He believes that the Federation Tower was chosen as the registration location for crypto exchanges due to the level of user trust that such a respectable legal address inspires. After all, operating at the Federation Tower in Moscow City speaks to the business's credibility and instantly bestows a special status on the company.
