The cryptocurrency exchange is known as Mt. Gox. It one of the earliest, largest, and most widely publicized platforms for Bitcoin, has fallen victim to a major theft. Two Russian citizens have been indicted by the US Justice Department in connection with the hack of a defunct cryptocurrency exchange.
43-year-old Alexey Bilyuchenko, and 29-year-old Aleksandr Verner, have been charged with conspiring to launder around 647,000 bitcoins that were stolen during the hack of Mt. Gox. Subsequently, the industry has witnessed several significant thefts.
Bilyuchenko was closely associated with Alexander Vinnik, a notorious Russian cybercrime leader who was apprehended in Greece in 2017. Vinnik was later convicted of money laundering in France and is currently awaiting trial in California on charges related to the operation of BTC-e, a defunct Russian exchange accused by the Department of Justice of catering to cybercriminals worldwide.
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US Attorney Damian Williams stated that Bilyuchenko and Verner believed they could evade the law by employing sophisticated hacking techniques to steal and launder substantial amounts of cryptocurrency. However, the charges filed against them demonstrate the unwavering determination of law enforcement to pursue such criminals and bring them to justice, regardless of the complexity of their schemes.
When Vinnik was arrested, Bilyuchenko managed to escape apprehension by destroying his computer and discarding it in the sea before hastily returning to Moscow. Additionally, the Justice Department has charged Bilyuchenko with collaborating with Vinnik to run BTC-e from 2011 to 2017.
When Verner, Bilyuchenko, and their accomplices gained unauthorized access to the server hosting Mt. Gox’s cryptocurrency wallets in September 2011, their illegal actions officially got underway. These wallets held users’ digital funds and corresponding private keys used for transferring funds. The hackers exploited this access between September 2011 and May 2014, siphoning off 647,000 bitcoins, which were valued at over $16.5 billion USD.
In April 2012, Bilyuchenko and Verner entered into a fraudulent agreement with a Bitcoin broker in New York. They allegedly coerced the broker to make substantial wire transfers into offshore bank accounts, including accounts held by shell corporations controlled by Bilyuchenko, Verner, and their co-conspirators. From March 2012 to April 2013, a total of $6.6 million was transferred to these overseas accounts, according to the Justice Department’s statement.
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