Crypto Exchange has been linked to money laundering activities

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Shadrach   in Banking & Money

Last updated: 09 January 2020, 08:05 GMT

The BTC-e exchange case related to money laundering activities is far from being closed and it continues to generate new titles and information. This time, it was reported that the Russian owned MFS is linked with the crypto exchange BTC-e.

The Anti-corruption NGO Global Witness analyzed the case and gathered the necessary information to arrive at such a conclusion. BTC-e has been investigated due to the fact that it has been used by the hacking group called Fancy Bear.

The Russian government paid these hackers in order to conduct a series of cyberattacks. Moreover, BTC-e has been under surveillance for operating a money laundering business that helped hackers launder funds from the Mt. Gox hack that took place at the end of 2013 and the beginning of 2014.

It is worth pointing out that Mt. Gox was the largest exchange at that time and the hack heavily affected the whole cryptocurrency market and its credibility. The platform lost 850,000 BTC, which were worth more than $450 million at that time. Many of these BTC were then laundered and exchanged in the BTC-e platform, which has been investigated since then.

BTC-e was also one of the largest cryptocurrency exchanges in the market that handled around $9 billion in cryptocurrency transactions since it was released in 2011. At the same time, the platform was a very important and useful fiat-to-crypto gateway because it helped traders exchange their Euros, U.S. dollars and Russian rubles for cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Namecoin, Novacoin, Peercoin, Dash and also Ethereum (ETH).

It was reported that Mayzus Financial Services Ltd. is a company owned by the Russian businessman Sergey Mayzus and it is currently located in Cyprus. This firm is operating a brand known as Money Polo, which is currently operational in 130 different countries and has around 400,000 branches around the world. MoneyPolo is offering services to individuals and companies that want to move money across borders in a safe, instant and low-cost manner.

This situation is going to make the legal investigation more difficult considering new parties are being involved. It will be important to closely follow which are going to be the developments regarding this case and how it will be solved.




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