Russian Admits to $9B Crypto Laundering Scheme in US Guilty Plea

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Russian national Alexander Vinnik has admitted to crypto money laundering via BTC-e.
U.S. prosecutors said BTC-e facilitated over $9B in transactions and catered to over 1 million users globally.
Vinnik is now facing the possibility of a 20-year prison sentence at his upcoming sentencing in the U.S.

Russian national Alexander Vinnik has admitted to participating in a crypto-related money laundering scheme, U.S. prosecutors disclosed. Vinnik admitted his involvement with BTC-e, one of the biggest Bitcoin exchanges active from 2011 to 2017.

According to a statement from the U.S. Attorney’s office in San Francisco, Vinnik was among the operators of BTC-e until law enforcement intervened, closing the exchange and arresting him. Prosecutors revealed that BTC-e facilitated over $9 billion in transactions and catered to over 1 million users globally.

The prosecution has characterized BTC-e as a major conduit for cybercriminals worldwide. It enabled them to transfer, cleanse, and hide illicit proceeds from criminal activities, including hacking, ransomware offenses, and drug trafficking.

Additionally, the platform is implicated in processing Bitcoin that has…

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