U.S. authorities have announced the takedown of E-Note, a cryptocurrency exchange accused of laundering tens of millions of dollars for ransomware groups and other cybercriminal organizations.

According to federal investigators, the platform facilitated more than $70 million in illicit transactions over several years, enabling cybercrime proceeds to be moved across borders and converted into cash.

The operation highlights how shadow cryptocurrency services continue to play a critical role in sustaining ransomware and account takeover campaigns.

Cryptocurrency exchanges have long been exploited by cybercriminals seeking to obscure the origin of stolen funds.

While mainstream exchanges increasingly enforce compliance and know-your-customer (KYC) controls, smaller or deliberately non-compliant platforms remain attractive to criminal networks.

Law enforcement agencies have increasingly targeted these services as a way to disrupt the financial infrastructure that supports ransomware and large-scale fraud operations.

This week, U.S. authorities announced the seizure of infrastructure associated with E-Note, a cryptocurrency exchange allegedly used to launder proceeds from cybercrime.

Investigators say E-Note processed more than $70 million in illicit funds since 2017, including money linked to ransomware attacks against healthcare providers and critical infrastructure organizations in the United States.

As part of the action, U.S. prosecutors charged Mykhalio Petrovich Chudnovets, a 39-year-old Russian national, who is accused of controlling and operating the exchange.

According to court documents, E-Note functioned as both a cryptocurrency payment service and a money mule network.

The platform allegedly enabled cybercriminals to move funds obtained from ransomware campaigns and account takeover incidents through a series of transactions designed to obscure their origin.

Funds were transferred internationally and converted into various cash currencies, complicating tracking and recovery efforts.

U.S. authorities seized servers hosting E-Note’s backend infrastructure, mobile applications, and associated domains, along with historical server images containing customer databases and transaction records.

The takedown removes a long-running laundering service that cybercriminals relied on to monetize attacks.

Access to customer and transaction data may allow investigators to identify additional threat actors, victims, and financial flows connected to ransomware and fraud operations.

However, the disruption is unlikely to be permanent, as criminal groups often migrate quickly to alternative services or rebuild infrastructure elsewhere.

Ransomware and cyber-enabled fraud depend on reliable laundering mechanisms to remain profitable.

By targeting financial intermediaries like E-Note, law enforcement shifts pressure upstream, increasing operational risk for attackers and raising the cost of conducting cybercrime.

The case also underscores the growing focus on cryptocurrency ecosystems as a battleground in cybercrime enforcement.

According to the indictment, Chudnovets has allegedly offered money laundering services since at least 2010, indicating a mature and well-established operation.

Prosecutors say the E-Note platform was intentionally designed to support financially motivated cybercriminals by enabling cross-border transfers and currency conversion with minimal oversight.