MIA reveals details of $2.5M illegal crypto transactions linked to 17-year-old from Bukhara

According to the MIA, the suspect, identified as Z.M., facilitated the acquisition, transfer, and exchange of cryptocurrencies without proper licensing. Officials believe the young man may have unknowingly been an intermediary in fraudulent schemes.

MIA spokesperson Shohrukh Giyasov explained that virtual exchangers often operate via platforms like Binance, enabling users to convert one cryptocurrency to another or exchange them for cash in various currencies, including USD and EUR. These services typically charge a commission of 0.1%–2% per transaction, with higher fees for transfers requiring greater anonymity.

"Resources on Telegram channels and private groups frequently encourage the buying and selling of cryptocurrencies. Here, sellers and buyers connect and conduct transactions involving electronic funds and cryptocurrencies," Giyasov noted.

However, such platforms are increasingly exploited by organized crime groups, who use cryptocurrency to facilitate anonymous financial operations. As a result, exchangers may inadvertently assist in laundering illicit funds.

An analysis of Z.M.'s activities revealed that while he processed transactions totaling 34 billion UZS ($2.5 million), these funds belonged to third parties. Much of the money originated from pension, salary, and online credit cards, with investigators suspecting that some of these funds were obtained through fraud and subsequently laundered using cryptocurrency.

"This 34 billion UZS is not the earnings of a 'talented' teenager, but funds that passed through the system," Giyasov clarified.

The investigation continues, and the final conclusions will be drawn by law enforcement and the courts. Authorities emphasize that the presumption of innocence applies to Z.M., ensuring due process throughout the proceedings.