Two members of a  gang that used crypto to launder stolen money obtained from war profiteering, have been jailed Tuesday in the UK.

Valeriy Popovych, 52, and Vitaliy Lutsak, 43, were both convicted in Wood Green Crown Court on Monday 7 April after a five- week trial. 

The gang members were sentenced to a combined 13 years in jail for laundering more than £6 million ($7.6 million). Some of that money was used to buy a second London home for just under £1 million ($1.27 million).

A third member and Valeriy's wife, Oksana Popovych, 42, is due to be sentenced on Friday 30 May.

In February, a fourth person, Semen Kuksov was sentenced to more than five years in prison. Kuksov controlled part of the laundered cash, according to a statement by the Metropolitan Police. 

The crypto was attained by exploiting the demand in Ukraine for vans and lorries as part of the war effort. These were bought using criminal money.

The lack of cryptocurrency regulation allowed the gang to maximize profit and make millions in just over a year.

Following an investigation by the Metropolitan Police, the gang was found guilty of transferring criminal property and running an unregistered money service business.

During the investigation the UK police found over $14 million in cryptocurrency passed through crypto wallets stored on a computer.

Metropolitan Police Detective Constable Harry Davies, from the Metropolitan Police, who led the investigation, said: "Mr Popovych presented himself as a hardworking, legitimate tradesman and used his reputation within the second-hand lorry market to clean criminal cash. He also callously saw the conflict in Ukraine as a lucrative business opportunity."

Negeen Momtahen, Specialist Prosecutor for the Crown Prosecution Service, said: "Money laundering is not a victimless crime – it is the financial lifeline which enables criminals to profit from their illegal activities.

"Last year we convicted other key members of this same money laundering network. I hope this latest prosecution demonstrates our ongoing determination to dismantling these criminal operations and bringing all involved to justice."

Edited by James Rubin

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