Vinnik had been under investigation for years for suspected involvement in MtGox.
A recent arrest of Russian national Alexander Vinnik today by Greek police may be more significant than initially thought. The alleged operator of cryptocurrency Exchange BTC-e was also revealed to be a chief suspect of involvement in the former MtGox theft, which roiled the industry some years ago, according to a recent report.
Earlier today, Finance Magnates covered the arrest of Mr. Vinnik, who was apprehended on suspicion of running a $4 billion money laundering operation related to illicit business activities with Bitcoin. He is suspected of heading a criminal organization since 2011 that "owns, operates and manages one of the world's leading e-crime websites", according to a police statement.
The arrest also coincided with the blackout of BTC-e, which has been 'under maintenance' for over 24 hours. This has caused many of its users to express fears that the platform had been hacked. Interestingly, the exchange has remained one of the most mercurial in the industry, disclosing very little public information about its operations or its operators – BTC-e is one of the most established or longest lasting exchanges, boasting a large base of customers.
The plot thickens
Mr. Vinnik has apparently been under investigation for years by a group of bitcoin security specialists, following prior investigations into MtGox. To date, the events surrounding MtGox constitue the largest theft in the cryptocurrency industry – originally, MtGox hot wallet private keys were stolen, facilitating access to a large number of bitcoins.
During this same period, a number of wallets controlled by Mr. Vinnik were receiving a stream of coins using the aforementioned compromised keys for nearly two years. In just under three years, nearly 630,000 BTC had been stolen from MtGox by a hacker – this major hack is suspected to have been in connection with Mr. Vinnik himself, who maintains a key place in the overall situation.
Interestingly, many of these coins that made their way into Mr. Vinnik's wallets were also eventually bound for BTC-e, and consequently sold off or laundered. A recent report suggests that upwards of 300,000 BTC ended up on BTC-e, though other coins were deposited to other exchanges. The nature of the movements also seem to point to Mr. Vinnik’s involvement, namely with BTC-e.
To further complicate matters, additional coins stolen from Bitcoinica, Bitfloor, and others between 2011 and 2012 were all apparently laundered via the same wallets that the MtGox theft was tied to. It will be interesting to see what a more lengthy analysis yields, especially with so many question markets surrounding money-laundering episodes over the past few years.
A recent arrest of Russian national Alexander Vinnik today by Greek police may be more significant than initially thought. The alleged operator of cryptocurrency Exchange BTC-e was also revealed to be a chief suspect of involvement in the former MtGox theft, which roiled the industry some years ago, according to a recent report.
Earlier today, Finance Magnates covered the arrest of Mr. Vinnik, who was apprehended on suspicion of running a $4 billion money laundering operation related to illicit business activities with Bitcoin. He is suspected of heading a criminal organization since 2011 that "owns, operates and manages one of the world's leading e-crime websites", according to a police statement.
The arrest also coincided with the blackout of BTC-e, which has been 'under maintenance' for over 24 hours. This has caused many of its users to express fears that the platform had been hacked. Interestingly, the exchange has remained one of the most mercurial in the industry, disclosing very little public information about its operations or its operators – BTC-e is one of the most established or longest lasting exchanges, boasting a large base of customers.
The plot thickens
Mr. Vinnik has apparently been under investigation for years by a group of bitcoin security specialists, following prior investigations into MtGox. To date, the events surrounding MtGox constitue the largest theft in the cryptocurrency industry – originally, MtGox hot wallet private keys were stolen, facilitating access to a large number of bitcoins.
During this same period, a number of wallets controlled by Mr. Vinnik were receiving a stream of coins using the aforementioned compromised keys for nearly two years. In just under three years, nearly 630,000 BTC had been stolen from MtGox by a hacker – this major hack is suspected to have been in connection with Mr. Vinnik himself, who maintains a key place in the overall situation.
Interestingly, many of these coins that made their way into Mr. Vinnik's wallets were also eventually bound for BTC-e, and consequently sold off or laundered. A recent report suggests that upwards of 300,000 BTC ended up on BTC-e, though other coins were deposited to other exchanges. The nature of the movements also seem to point to Mr. Vinnik’s involvement, namely with BTC-e.
To further complicate matters, additional coins stolen from Bitcoinica, Bitfloor, and others between 2011 and 2012 were all apparently laundered via the same wallets that the MtGox theft was tied to. It will be interesting to see what a more lengthy analysis yields, especially with so many question markets surrounding money-laundering episodes over the past few years.
Australia Gears Up for Bitcoin ETFs: ASX Leads the Charge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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