Russian Crypto Trader Pleads Guilty to $9B Laundering Scheme Involving Bitcoin (BTC) in US
- Russian national Alexander Vinnik has confessed to his involvement in a crypto money laundering scheme via BTC-e.
- U.S. prosecutors have revealed that BTC-e facilitated over $9 billion in transactions and catered to over 1 million users globally.
- Vinnik is now facing a potential 20-year prison sentence at his upcoming sentencing in the U.S.
Alexander Vinnik, a Russian national, has admitted to participating in a crypto-related money laundering scheme. The case highlights the U.S. government’s intensifying efforts to combat cryptocurrency-related fraud.
Vinnik’s Involvement with BTC-e
Alexander Vinnik has admitted his involvement with BTC-e, one of the largest 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.
BTC-e: A Conduit for Cybercriminals
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 been linked to a Russian military intelligence unit accused of meddling in the 2016 US presidential election by leaking Democratic Party emails.
Vinnik’s Potential Sentence
According to official statements, Vinnik deliberately managed BTC-e to support criminal activities, contributing to financial losses estimated at a minimum of $121 million. He is now faci... Read the full article for FREE at COINOTAG!
