From murders to fraud: Venom Network’s owner exposed

The United Arab Emirates is well-renowned for its penchant for grand and large-scale blockchain projects. As of June 22, 2023, there are nearly eight hundred cryptocurrency-related companies headquartered there. However, there is a dark underbelly hiding beneath the glossy veneer of this vibrant nation’s blockchain scene. In an exclusive investigation shared by sources who preferred to be anonymous, we’ve unearthed the alarming reality behind the UAE’s largest cryptocurrency venture, the Venom Network.

Behind the scenes of the Venom Network

Promoted as a high-performance, scalable blockchain solution, Venom Network has painted an image of a cutting-edge platform ideal for decentralized applications (DApps). 

On its website, the platform promises a user-friendly learning environment, with quests and activities designed to educate users about blockchain operations, gearing them up for the Mainnet. 

The platform also boasts of its unique virtual machine to execute smart contracts and even provided toolkits for building smart contracts using Solidity. However, it is now apparent that the lustrous facade of this innovative platform was but a veil, shielding the notorious exploits of its driving force.

Unmasking the mastermind

What about Venom’s owner? At the helm of this elaborate scheme is Alibek Issaev, a Russian with a past as murky as the waters he now finds himself in. Issaev, presently under arrest in the UAE, is no stranger to illicit activities, having been implicated in various criminal acts in his homeland, including murder and terrorism, for which he is currently wanted for. 

His legal quagmire extends beyond Russian borders, with the UAE court recently denying his plea to cancel an arrest warrant in exchange for a debt repayment guarantee.

Issaev’s latest foray into financial impropriety involved a debt dispute with businessman Ilya Kligman. Despite promising to settle the debt, the criminal defaulted, leading to his incarceration in the country. 

The Venom Network, a project with a fund collection exceeding $100 million, was Issaev’s ticket to freedom. However, our sources reveal that his ambitious project may face imminent blocking, thereby crushing his hope of evading justice in the Emirates and Russia.

A twisted trail of deceit

Issaev’s tale of deceit weaves across continents, reaching Mexico, where he is alleged to have acquired citizenship under dubious circumstances. Discrepancies in his date of birth on his Mexican passport and questions around his citizenship grant ‘for merit’ have raised eyebrows. 

With the Russian Federation gearing up to challenge his Mexican citizenship, Issaev seems to be scouting for a new ‘unpretentious’ country to offer him ‘honorary’ citizenship. That is exactly what he tried to do in the Emirates and what he managed to do in Mexico. Our sources speculate that Serbia could be his next destination.

Meanwhile, in a recent turn of events on June 7, the highest court of the UAE handed a significant blow to Issaev. In a dispute with Kligman over allegedly stolen assets, the court ruled in Kligman’s favor, issuing arrest warrants for the culprit and his property. That’s what got him in custody right now. 

With estimates of the stolen business assets tallying up to $400 million, this ruling signifies a considerable setback for Issaev and a potential death knell for the Venom Network, which by the way has nearly twenty-nine million accounts and eight hundred and thirty-five wallets. A lot of people stand to suffer when the inevitable happens.

Take a look at the project’s companies that are currently registered in the United Arab Emirates:

The mirage of the Venom Network

As we put together the pieces of this carefully-elaborated puzzle, global regulators of the crypto industry are gearing up for action. This exposé will be shared with leading crypto communities and potential project collaborators, alerting them about the Venom Network’s imminent downfall. If you are reading this and you happen to have funds in Venom. We advise you to get them out as soon as possible.

Moving on, questions are now being raised about the UAE’s regulatory quality and transparency of market participants. With the ties between Issaev and the Venom Network laid bare, it’s becoming increasingly clear that this project, touted as a revolution in the UAE’s crypto space, is nothing but a Potemkin village, constructed with elaborate deceit and bound for imminent demolition.

In the face of this mounting evidence, the grand promises of the Venom Network seem increasingly hollow. Multiple law firms in the UAE and Israel have corroborated our findings.

And notably, this isn’t Issaev’s first rodeo. His previous venture, YzerChat, followed a strikingly similar trajectory before its downfall. YzerChat, which was once the only officially registered messenger in the UAE, spiraled down a similar path. 

After an exposed affiliation with the wanted criminal, the project fell apart, facing sudden termination of partnerships with UAE mobile operators, withdrawal from app stores, and mounting discontent among defrauded investors. Despite the hard-hitting blow, Issaev appeared undeterred, seemingly adopting the same modus operandi with the Venom Network.

Is blockchain a double-edged sword?

Unfortunately, the story of Issaev and the Venom Network is not an isolated incident. The semi-anonymous nature of blockchain technology has been increasingly exploited by criminals seeking to launder money or finance illicit activities. Indeed, while the technology offers remarkable possibilities for innovation and economic growth, its darker side is too often brought into sharp relief. 

The very features that make blockchain attractive – its decentralization, security, and anonymity – make it equally appealing to those with malevolent intent. Sadly, innocent investors continue falling prey to these scams.

Nonetheless, despite these turbulent events, the UAE remains a magnet for pioneering crypto companies. With the US regulatory environment tightening its grip, firms such as Binance, Gemini and Coinbase are considering alternative bases. 

The Emirates, with its crypto-friendly policies and a penchant for innovation, is high on the list. From hosting forward-thinking crypto events to forging alliances with Hong Kong for enhanced virtual asset sector collaboration, the country is placing itself firmly on the global crypto map.

Disclaimer: This is a developing story and journalists in the United States and the United Kingdom are currently digging for more information. Whatever they uncover will be promptly updated to the article.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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