The US has agreed to release Russian Alexander Vinik, co-founder of the controversial cryptocurrency exchange BTC-e, in exchange for American teacher Mark Vogel. BTC-e was used for hacking, drug trafficking and other purposes to launder billions of dollars in illegal activities.
Alexander Vinik was arrested in Greece in 2017 at the request of the US, which accused him of laundering more than $4 billion. In 2024, he was extradited to the US and pleaded guilty to money laundering. He faced up to 20 years in prison. US investigators have determined that BTC-e is a platform used by cybercriminals to launder money obtained from ransomware attacks, identity fraud and corruption schemes. Vinik is believed to be personally liable for losses amounting to around $121 million. He was previously extradited to France but was later extradited to the US. BTC-e, founded in 2011, was one of the largest anonymous cryptocurrency exchange platforms until it was shut down in 2017.
The Vinnik-Vogel exchange is another example of how geopolitics plays into the prosecution of cybercriminals. His return to Russia, despite the charges and the loss of billions of dollars, could mean he will not face any significant punishment. Meanwhile, BTC-e continues to be a symbol of cryptocurrency money laundering.
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