In a case that shocked England, two men were sentenced to a total of 13 years in prison for laundering over $7.6 million through cryptocurrency, money related to exploiting the war in Ukraine for profit. This is clear evidence that cryptocurrency, if not tightly regulated, can become an effective money laundering tool for transnational criminal organizations.



Exploiting the Ukraine war for profit


According to information from the Wood Green Crown Court in England, Valeriy Popovych (52) and Vitaliy Lutsak (43) were convicted after a 5-week trial for laundering over £6 million (~$7.6 million). These two are members of a criminal network that specialized in using cryptocurrency to launder money from illegal activities.


Part of this money was used to purchase a second house in #London worth nearly £1 million – demonstrating that this group not only successfully transferred money but also legitimized illegal assets through real estate.



Exploiting the demand for trucks during the war


According to investigators, the criminal group exploited the high demand for trucks and vans in #ukraine due to the effects of war to:



  • Illegally transferring money under the guise of buying and selling vehicles;



  • Using dirty money to buy trucks, then reselling or operating them in Ukraine;



  • Using these transactions as part of a 'money laundering' scheme by converting assets into cryptocurrency.





Cryptocurrency: the 'perfect' money laundering tool?


A significant portion of the illegal money has been converted into crypto to avoid detection. British police discovered over $14 million in cryptocurrency that had been circulated through cold wallets stored on personal computers.


The absence of strict regulations in the crypto market is precisely the favorable condition for this group:



  • Anonymity in the money transfer process;



  • Quick cross-border money transfers without supervision;



  • Exploiting unregistered or uncontrolled exchanges to manipulate finances.







  • Oksana Popovych (42) – Valeriy's wife – is also a member of this network and will be sentenced on May 30.



  • Earlier in February, another individual named Semen Kuksov was sentenced to over 5 years in prison for involvement in controlling the flow of cryptocurrency in the network.





Warnings from authorities


Harry Davies, an investigator from the London Metropolitan Police, stated:



"Mr. Popovych created the image of a legitimate businessman in the used truck market, but in reality, he was a sophisticated money launderer. He cruelly viewed the conflict in Ukraine as a chance to get rich."



Negeen Momtahen, a prosecutor from the Crown Prosecution Service (CPS), emphasized:



"Money laundering is not a harmless crime. It is the financial lifeblood that helps criminal organizations maintain operations. We will continue to pursue and dismantle networks involved in such money laundering."





This case once again warns the international community about the risk of crypto being exploited in criminal activities, especially when war or conflict creates legal loopholes and urgent demand for goods and services.


Although blockchain can provide transparency, the anonymity and lack of control of some crypto platforms remain fertile ground for money laundering crimes. Clearer legal frameworks are necessary, not only to protect investors but also to ensure that cryptocurrency does not become a tool for crime.



Risk warning:

This article is for informational purposes only and is not investment advice. The crypto market always carries high risks and is easily exploited for malicious purposes if not regulated. Readers should exercise caution and thoroughly research before engaging in any transactions involving digital assets.#anhbacong