Bitzlato Co-Founder Pleads Guilty in U.S. Court For $700M Fraud
Bitzlato co-founder pleads guilty in the U.S. for illegal crypto transactions; over $700M linked to criminal activities.
The co-founder of the Hong Kong-based crypto exchange Bitzlato Anatoly Legkodymov, pleaded guilty in a U.S. court for running a business that supported illegal transactions.
Bitzlato was used by criminals as a platform for illegal activities like drug sales and money laundering. Legkodymov, as a top executive, allowed users to stay anonymous while carrying out these illegal transactions, making Bitzlato popular among criminals.
The exchange was linked to Hydra Market, a notorious online platform for illegal goods, handling over $700 million in illegal transactions.
Legkodymov admitted to running an illegal money-transmitting business. He agreed to close Bitzlato and tender $23 million of the exchange's assets to the government.
The U.S., with help from French law enforcement, was able to successfully arrest Legkodymov and bring him to justice, showing their commitment to fighting cryptocurrency-related crimes.
