BTC-e Co-founder Admits Guilt in Monumental $9 Billion Bitcoin (BTC) Money Laundering Scheme

• Alexander Vinnik, co-founder of crypto exchange BTC-e, has pleaded guilty to charges of conspiracy to commit money laundering.
• The US Department of Justice (DOJ) has released a public statement detailing Vinnik’s role in facilitating $9 billion worth of illicit transactions on BTC-e between 2011 and 2017.
• The DOJ claims that BTC-e was a major money-transmitting platform for cybercriminals worldwide, with Vinnik playing a key role in its operations.

Alexander Vinnik, co-founder of BTC-e, pleads guilty to money laundering charges, highlighting the ongoing fight against crypto crime by the US Department of Justice.

Vinnik’s Role In BTC-e’s “Criminal” Operations – US DOJ

The DOJ has stated that before its closure in 2017, BTC-e was a major platform for money transmission for cybercriminals worldwide. The platform processed funds from various bad actors, including hackers, scammers, corrupt civil servants, and drug dealers. As an operator of BTC-e, Vinnik was an ally of these criminals, resulting in a loss of $121 million. The DOJ further highlighted that BTC-e lacked any anti-money laundering (AML) protocols and was not registered as a money transmitter platform with the US Financial Crimes Enforcement Network (FinCEN), despite having a significant portion of US citizens in its customer base.

DOJ’s Fight Against Crypto Crime

Deputy Attorney General Lisa Monaco commended the DOJ’s efforts in fighting against crimes involving the use of digital assets. She stated, “Today’s result shows how the Justice Department, working with international partners, reaches across the globe to combat crypto crime. This guilty plea reflects the Department’s ongoing commitment to use all tools to fight money laundering, p... Read the full article for FREE at COINOTAG!