BTC-e investigation: NZ police freeze $140 million linked to Alexander Vinnik

In this post:

The New Zealand police have restrained millions of dollars in bank funds, belonging to a Russian IT specialist, Alexander Vinnik, and his company. The funds were frozen following the BTC-e investigation, wherein Vinnik was charged for laundering money for bad actors.

BTC-e investigation led to $140 million frozen

As per the report of Monday, about $140 million held in offshore banks were clawed back to NZ, and frozen by the police. These funds reportedly belong to Vinnik, and his NZ-registered company dubbed Canton Business Corporation.

The fund is seen as the largest amount ever restrained in New Zealand. However, the development today is considered as a part of BTC-e investigation.

BTC-e is a digital currency exchange owned by Vinnik, and it was operated in the United States. For a while now, Vinnik has been charged for laundering a very significant amount of dollars for criminal syndicates through his exchange.

BTC-e handled over $4 billion Bitcoin trading

Andrew Coster, the NZ Police Commissioner, alleged that the digital currency exchange was not operated with Anti-money laundering checks. For this reason, cybercriminals referred to the platform to launder the ill-gotten funds from activities like hacking, scams, drug deals, and cryptocurrency theft.

At a point, the 37-year-old computer specialist was thought to be posing a high threat to the international banking system, through his exchange. Following BTC-e investigations, the digital currency exchange handled more than $4 billion tradings in Bitcoin (BTC) in anonymity.

The computer genius was initially detained in 2017, during a holiday in Greece. He was later extradited to France, as BTC-e investigations continued. He has since remained under custody in the country. The NZ police have been working together with US authorities to address the matter, which Coster said is a ‘very serious offending.’

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Subscribe to CryptoPolitan