Alexander Vinnik news

Alleged owner of BTC-e cryptocurrency exchange; arrested on money laundering charges.

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BTC-e Exchange and Alexander Vinnik Sued $100 Million by the US

Coinspeaker BTC-e Exchange and Alexander Vinnik Sued $100 Million by the USIn accordance to a court order released on July 25th in the northern district of California, the US government has filed a $100 million lawsuit against estranged cryptocurrency exchange BTC-e and its owner – Alexander Vinnik.Following an investigation from two years ago by the US Department of Justice, Alexander Vinnik – whom authorities allege laundering over $4 billion in 2011 by means of a cyber hack, was arrested in Greece circa mid-2017. Vinnik was accused of laundering stolen cryptocurrencies from several crypto exchanges including Mt Gox to the tune of 850,000 Bitcoins in 2014. Due to the strict regulatory requirements meted upon crypto platforms in the U.S, the FinCEN expects all financial institutions falling under this category to adhere to these rules. They alleged that the Cyprus/Seychelles Islands incorporated exchange – BTC-e had at no point in time slated any anti-money laundering policy or engage in such practices as KYC (Know Your Customer) or AML (Anti-Money Laundering). Not to mention establishing a preemptive measure towards the detection and prevention of suspicious transactions.However, the filed complaint explicitly debunks BTC-e’s adherence to any of the FinCEN laid-down directives for a digital monetary servicing firm such as a crypto exchange:“At no point in time did BTC-e have any AML policies or procedures, let alone an effective program for detecting and preventing suspicious transactions. To the contrary, BTC-e’s lax policies encouraged persons engaged in criminal activity to use its services, and BTC-e became the virtual currency exchange of choice for criminals looking to launder their illegal proceeds.”Vinnik, as of late, has been indicted for 17 counts of anti-money laundering, two counts of engaging in unlawful monetary transactions in the US. Vinnik alongside his supposedly spearheaded exchange were both charged with one count of operating an unlawful money services business and another count of conspiracy to engage in money laundering practices.The charges levied against the Russian native include: unlicensed money services business, supervision of a digital currency exchange that aids criminals launder money, conspiracy by means of failing to file a Suspicious Activity Report – “SAR”, transacting in cash obtained through illegal means, and etc.40-year-old Alexander Vinnik has requested to be extradited to his home country where he faces less criminal charges. And although a Russian citizen, Vinnik is more likely to be sentenced in the US where he is charged with 21 counts of monetary affiliated charges with a possible jail term of 55 years in a US prison.BTC-e Exchange and Alexander Vinnik Sued $100 Million by the US
Coinspeaker

Alexander Vinnik Sued for Stealing BTC from Other Exchanges

A Russian bitcoin thief is being sued for more than $100 million USD. The civil case, which is occurring in Northern California, is against BTC-e, a Russian exchange, and one its owners, Alexander Vinnik.  Vinnik Is Raising Too Many Eyebrows The case alleges that Vinnik may have violated the Bank Secrecy Act. Attorneys for the defendants say he potentially stole bitcoin units from several other exchanges in 2017. They are now pushing for a criminal case, though it’s unlikely this will hold sway in court. Thus, the suit is for penalties, damages and repayment of all the currency that was ultimately taken to ensure all monies are accounted for. At present, BTC-e has offices in both Seychelles (Africa) and Cyprus (Europe), though its customers exist from all over the world including California. Vinnik was ultimately found in Greece and detained by U.S. authorities who sought to charge him with running an illegal exchange that may have allowed criminals to hide their funds and launder billions of dollars-worth of illicitly obtained currency. Per analyst firm Elliptic, regulators were able to track some of these illegal bitcoins to a user going by the name of “Fancy Bear.” It is alleged that this is one of the secret Russian operatives that released Democrats’ emails in the 2016 election. Vinnik is presently in prison, though he’s facing extradition requests from both Russia and the U.S. His lawyers are attempting to fight both requests as his jail term was extended by another six months. Lawsuits like these are becoming more and more common, and suggest that perhaps regulators, financial institutions and the general public now see cryptocurrencies as more legit forms of money that deservingly hold a place with USD, gold and other forms of “reliable assets.” Recently, a judge allowed a multi-million-dollar suit against cell phone and internet provider AT&T to move forward after cryptocurrency investor and entrepreneur Michael Terpin lost several million dollars-worth of crypto funds following a SIM-swapping incident.  This Is Happening Everywhere Terpin alleges that a hacker stole crypto funds through his phone by bribing an AT&T employee for his private data. Terpin says that AT&T did not do enough to protect his information or keep his identity secure. He also alleges that he was the victim of two separate SIM-swapping attacks that ultimately led to his losses. AT&T is fighting the allegations and says it is not responsible for the actions against Terpin, though a federal judge in Los Angeles, CA sees things very differently. In allowing the lawsuit to go forward, the court is issuing a message to crypto holders everywhere that while crypto is an emerging technology, their privacy and funds will be taken into consideration as much as those who potentially lose fiat to bad actors, thereby solidifying the legitimacy of crypto even further. The post Alexander Vinnik Sued for Stealing BTC from Other Exchanges appeared first on Live Bitcoin News.
Live Bitcoin News

$4 Billion Cryptocurrency Fraud Suspect Alexander Vinnik Files Appeal for Extradition to Russia

Alexander Vinnik, a Russian national suspected of orchestrating a $4 billion bitcoin fraud has lodged an appeal with a Greek court for his extradition to Russia, this according to Greek media outlet Kathimerini, March 21, 2019. Humanitarian Reasons Vinnik is the former operator of the defunct Russian cryptocurrency exchange BTC-e. The exchange is said toRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

Bitcoin [BTC] fraud main suspect Alexander Vinnik files request for extradition to Russia

The cryptocurrency market has witnessed many people taking advantage of its unsupervised and decentralized nature, with many falling prey to frauds and large scale financial manipulation. One of the main examples of a cryptocurrency proponent caught in the mix was Alexander Vinnik, the founder and CEO of the now-defunct BTC-e, a Bitcoin exchange that was accused of money laundering worth $4 billion. According to latest reports, Vinnik, who has been detained in a Greek jail for the last 19 months, has requested for extradition to his homeland, Russia. The 39-year-old Russian nation is suspected of Bitcoin fraud and is wanted by three countries on various criminal charges. On Thursday, he lodged an appeal with a Piraeus court for his “release or extradition to Russia for humanitarian reasons”. Alexander Vinnik has been on a hunger strike for the past 3 months; a decision that has taken a toll on his health. Many in the cryptoverse have attacked the decisions taken by the Greek court to keep Vinnik locked up for 19 months, when the maximum term for any pre-trial detention is 18 months. The founder was arrested in Greece way back in July 2017. Since then, countries such as the US, Russia and France have requested his extradition. His lawyer claimed that even though many people used BTC-e for nefarious purposes, Vinnik was completely innocent. The lawyer recently said: “Vinnik is not supposed to be in jail right now. Many businessmen used the exchange to sidestep legal authorities and many of the charges on him were not illegal at the time of Vinnik’s arrest.” Excluding Vinnik’s latest request, the Greek courts have approved requests from Russia, France and the US, with the onus now upon Justice Minister Michalis Kalogirou to determine Vinnik’s fate. When Vinnik was arrested, he had a total of 21 criminal charges leveled against him. US prosecutor Brian Stretch had said: “Cryptocurrencies such as Bitcoin provide people around the world new and innovative ways of engaging in legitimate commerce. As this case demonstrates, however, just as new computer technologies continue to change the way we engage each other and experience the world, so too will criminals subvert these new technologies to serve their own nefarious purposes.” The post Bitcoin [BTC] fraud main suspect Alexander Vinnik files request for extradition to Russia appeared first on AMBCrypto.
AMBCrypto

Alleged BTC-e Bitcoin Fraudster Alexander Vinnik Seeks Extradition to Russia

One of the operators of BTC-e cryptocurrency exchange and leading suspect in multi-billion money laundering scandal, Alexander Vinnik, is seeking to be extradited to Russia from Greece rather than to the United States or France. According to Greek publication Kathimerini, Vinnik filed an appeal with a court in the port city of Piraeus seeking to be released or extradited to his home country. The Russian national who has been on a hunger strike for three months cited humanitarian reasons in his plea. Per his lawyers Vinnik’s life is endangered. Besides claiming that the charges he is facing are unfounded, his The post Alleged BTC-e Bitcoin Fraudster Alexander Vinnik Seeks Extradition to Russia appeared first on CCN
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
AMBCrypto

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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