The Justice Department just shut down little-known crypto exchange Bitzlato and arrested its Russian founder in what authorities claim is a huge blow to crypto crime
US authorities announced the arrest of the founder and majority shareholder of a little-known crypto exchange called Bitzlato on Wednesday for allegedly processing millions in illicit funds.
The Justice Department and Treasury Department allege that the Hong Kong-registered platform laundered more than $700 million, some of which were tied to illicit Russian finances. Authorities say that the company's founder Anatoly Legkodymov and other execs were aware of the high volume of criminal funds.
The Financial Crimes Enforcement Network deemed Bitzlato a"primary money laundering concern" after authorities saw that almost 50 percent of Bitzlato's recorded transactions involved illicit Russian finances or other suspicious sources, according to Deputy Treasury Secretary Wally Adeyemo said.
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Bitzlato kept a low profile, but did not go entirely unnoticed before DOJ actionBitzlato, the Hong Kong cryptocurrency exchange that was subject to a U.S. Justice Department enforcement action on Jan. 18, had operated for five years without attracting a lot of attention.
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Bitzlato founder arrested for allegedly processing $700 million in illicit fundsThe Justice Department arrested the founder of crypto exchange Bitzlato, calling the China-based exchange a 'high-tech axis of cryptocrime.'
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US Takes Action Against Bitzlato Crypto Exchange, Arrests FounderThe U.S. Treasury Department and Department of Justice have accused the little-known crypto platform of laundering funds tied to illicit Russian finance and its founder has been arrested.
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Crypto Platform Bitzlato Charged With Laundering More Than $700 Million of Illicit MoneyU.S. authorities have designated cryptocurrency exchange Bitzlato as a primary money-laundering concern and charged its founder for allegedly facilitating money laundering for criminals and for operating illegally in the U.S.
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Bitcoin and Ethereum correct as Bitzlato take down, tech layoffs and economic worries dominate headlinesFear of serious regulatory enforcement against the crypto sector and concerns over the strength of the most recent rally in Bitcoin and Ethereum prompted traders to take a little bit off the table as BTC, ETH and altcoin prices softened.
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US Charges Crypto Exchange Bitzlato With Laundering $700MThe USTreasury and TheJusticeDept have accused Bitzlato of laundering funds tied to illicit Russian finance and its founder has been arrested. According to officials, the company hosted wallets of criminals buying and selling illegal goods.
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