TRM Labs Exposes Potential Crypto Laundering Scheme Involving Russia-Linked Platforms

A recent report by blockchain intelligence firm TRM Labs has shed light on a potential crypto laundering scheme involving Russia-linked payment processor Cryptomus.

According to the report, Cryptomus and its newer platform Heleket share infrastructure, personnel, and illicit clientele. The two platforms use the same domain registrar and have identical design elements, suggesting a close connection between them.

The report notes that Cryptomus introduced mandatory identity verification in February 2025, leading to a sharp drop in transaction volumes. However, this move also opened up an opportunity for Heleket to emerge as a new platform for illicit transactions.

Heleket's illicit exposure is reportedly nearly five times the industry average, with around 60% of its illicit inflows tracing back to Garantex, a now-closed Russian exchange that faced U.S. sanctions. The report also found evidence of shared personnel and onboarding methods between the two platforms.

The findings suggest that Heleket was likely built by Cryptomus operators to continue processing transactions without strict identity checks, despite Canada's record $177M penalty against Cryptomus in October 2025 for money laundering and terrorist financing laws violations.