ICYMI: Bitzlato had little backstory, but a few warning signs had emerged.
Noncustodial peer-to-peer crypto exchange Bitzlato was little known to some before the United States Department of Justice enforcement action against it on Jan. 18. It was cofounded in 2016 by recently arrested Russian national, Anatoly Legkodymov.
According to a Russian source, Anatoly Legkodymov is the owner of 73.4% of Bitzlato, which has an office on a high floor in the Federation Tower skyscraper in Moscow, where ittrades of $100,000 or more. Legkodymov and his main partner in Bitzlato are also reportedly involved in Russian crypto mining equipment distribution company A-HVT.
Legkodymov had a long and checkered history in the crypto industry going back more than a decade. His earliest post on the BitcoinTalk forum dates back to 2011, where he described the events that led to a loss of more than 50 BTC:"My team and I have analyzed numerous failure scenarios, including a simulation of a hacker attack by the exchange owners and operators, and we found a solution that allows us to operate a bitcoin exchange in a highly secure manner.
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