The creator of the cryptocurrency exchange Bitzlato admits guilt in a scheme to launder money.
Nearly 11 months after his arrest in Miami earlier this year, the Russian founder of the now-defunct cryptocurrency exchange Bitzlato entered a guilty plea.
According to the U.S. Justice Department, Anatoly Legkodymov (also known as Anatolii Legkodymov, Gandalf, and Tolik) acknowledged running an unlicensed money-transmitting enterprise that helped other criminal actors launder their illegal gains. He could spend up to five years behind bars.
“Legkodymov ran a cryptocurrency exchange that was accessible to criminals and money launderers,” stated Acting Assistant Attorney General Nicole M. Argentieri of the Criminal Division of the Justice Department.
He made money by feeding the underworld, and now he has to pay the price. Using cryptocurrencies for transactions does not exempt you from legal consequences.”
Bitzlato is estimated to have received $2.5 billion in cryptocurrency between 2019 and 2023, more than half of which came from illegal and risky sources.
Bitzlato served as a safe haven for fraudsters and ransomware crews like Conti. The Hong Kong-registered exchange garnered notice for its lenient know-your-
customer (KYC) policies prior to being shut down by law enforcement. It advertised itself as a platform that requested very little personal data from its users.
It’s thought that some of its users registered accounts with identity documents that were stolen. The Hydra darknet marketplace was specifically mentioned by the Justice Department asThe largest and most established dark web marketplace in the world for drugs, financial data theft, forged identification documents, and money laundering services was called Hydra. In April 2022, American and German authorities disassembled it.
U.S. Attorney Breon Peace for the Eastern District of New York stated, “Legkodymov’s guilty plea today confirms that he was well aware that Bitzlato, his cryptocurrency exchange, was being used like an open turnstile by criminals eager to take advantage of his lax controls over illicit money transactions.”
1. Health and Fitness Tips for You
2. Upcoming New Movies
3. Get New Jobs Directly From Companies FREE Visa
4.Latest News of Cryptocurrency and Bitcoin
5. Real Estate Business for you
6. Latest News
7. Best Insurance Policy for Everyone
READ MORE:
- 1. Strategic Management Process: Top5 Jobs In Dubai FREE VISA Apply Now
- 2. Vancouver Time fighting for $12,000 in travel insurance Nightmare FREE
- 3. DIABETIC DIET : A PROFESSIONAL’S GUIDE TO A WARM AND WELL-BEING
- 4. NICOLAS CAGE STATES : HE HAS 3 OR 4 MORE MOVIES LEFT NOW
- 5. EMPRESS CRACKS: FOR THE FIRST TIME SINCE APRIL
- 6. DESPITE MEANING: DESPITE HIGH RATES, MORE US HOME BUYERS ARE WILLING TO BUY
- 7. A 44-YEAR-OLD BOSTON WOMAN WAS KILLED BY A SHARK ATTACK IN THE BAHAMAS WHILE ON VACATION
