1. BITBILIHome
  2. Article

WEX exchange co-founder Alexei Bilyuchenko sentenced in Moscow amid global legal entanglements

• 41 views

TL;DR Breakdown

  • Alexei Bilyuchenko, former technology administrator of BTC-e and co-founder of WEX, has been sentenced to 3.5 years in prison by a Moscow court for misappropriating exchange funds and fined 3.1 billion rubles ($33 million).
  • The sentencing follows charges by the U.S. Department of Justice against Bilyuchenko for involvement in the 2011 Mt.Gox hacking incident and additional conspiracy charges, adding international complexity to the case.

Description

Alexei Bilyuchenko, the former technology administrator of BTC-e exchange and co-founder of WEX, has been sentenced by the Meshchansky District Court of Moscow. He will serve 3 years and 6 months in prison for misappropriating the exchange’s funds. Additionally, Bilyuchenko has been slapped with a fine of 3.1 billion rubles, equivalent to around $33 million, … Read more

Alexei Bilyuchenko, the former technology administrator of BTC-e exchange and co-founder of WEX, has been sentenced by the Meshchansky District Court of Moscow. He will serve 3 years and 6 months in prison for misappropriating the exchange’s funds. Additionally, Bilyuchenko has been slapped with a fine of 3.1 billion rubles, equivalent to around $33 million, for causing financial damage to the exchange’s customers.

The prosecution initially sought a harsher sentence for Bilyuchenko, aiming for 4.5 years in prison and a fine of 1 million rubles. However, the judge settled for a lesser sentence and fine, sparking conversations about the leniency of the Russian legal system in this high-profile case.

U.S. charges against Alexei Bilyuchenko

Significantly, this sentencing comes on the heels of charges unsealed by the U.S. Department of Justice (DOJ) in June 2023. The DOJ accused Bilyuchenko and another Russian national, Aleksandr Verner, of involvement in the 2011 hacking incident related to Mt.Gox, a prominent Bitcoin exchange at the time. Bilyuchenko faces additional charges in the U.S. for conspiring with Alexander Vinnik, who was extradited to the U.S. in August 2022.

Moreover, the WEX exchange was reportedly handed over to Konstantin Malofeyev, a Russian citizen charged with violating U.S. sanctions. These charges relate to Russia’s actions in Ukraine in 2014, adding another layer of complexity to this already intricate legal web.

The rise and fall of WEX and BTC-e

BTC-e, once responsible for handling around 3% of all Bitcoin exchange volume, was shut down by Western law enforcement in July 2017. WEX, its successor, went offline in 2018, causing customers to lose an estimated 16 billion rubles. Court documents reveal that Bilyuchenko collaborated with Alexander Vinnik and others to operate BTC-e from 2011 until its shutdown in 2017.

In a surprising twist, Bilyuchenko appealed to Russian President Vladimir Putin and Defense Minister Sergei Shoigu for leniency and even requested to be sent to Ukraine. However, the state prosecution insisted on a prison sentence, albeit a reduced one.

As the legal proceedings unfold, it’s clear that this case is far from closed. Bilyuchenko, who changed his last name to Ivanov and pleaded guilty ahead of the trial, has already served a year and a half in pre-trial detention. His fine was also reduced from the prosecution’s initial request, raising questions about the factors influencing these legal decisions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:WEX exchange co-founder Alexei Bilyuchenko sentenced in Moscow amid global legal entanglements

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月25日 14:22
Next 2023年9月25日 18:16

Related articles

  • Japan’s concerns surrounding yen’s weakening intensify, potential intervention in sight

    TL;DR Breakdown The Japanese government is considering various options to address the excessive volatility in its currency markets. The yen has declined to around 148.39 against the US dollar, approaching the critical threshold of 150, which could trigger an intervention when breached. The yen’s weakening is seen as a consequence of Japan deviating from the global trend of monetary tightening. Description Japan is keeping all options on the table to address the excessive volatility in its currency markets. This statement comes with a renewed caution against the yen’s decline, especially as it approaches the psychologically significant threshold of 150 yen per US dollar, by the government’s chief spokesperson on Thursday. Given the recent breach of the … Read more Japan is keeping all options on the table to address the excessive volatility in its currency markets. This statement comes with a renewed caution against the yen’s decline, especially as it approaches the psychologically significant threshold of 150 yen per US dollar, by the government’s chief spokesperson on Thursday. Given the recent breach of the robust horizontal barrier at 146.50-146.60, with…

    Article 2023年9月22日

  • Unmasking Threat: UN Report Raises ‘Serious and Urgent’ Concerns About AI Deepfakes

    TL;DR Breakdown UN report identifies AI-generated deep fakes as a significant threat to information integrity, particularly on social media. Urgent action is needed to address the rapid advancements in generative AI and develop voluntary guidelines to ensure responsible use and combat the spread of false information. In a recently published report, the United Nations (UN) has emphasized the urgent need to address the proliferation of artificial intelligence-generated deepfakes, which pose a significant threat to information integrity, particularly on social media platforms. The UN has called for stakeholders in the AI community to take immediate action and develop voluntary guidelines for responsible AI use.  Additionally, the report will serve as a foundation for the creation of a UN Code of Conduct for Information Integrity on Digital Platforms, to be discussed at the upcoming Summit of the Future in September 2024. As concerns grow over the impact of generative AI, global leaders such as former UK Prime Minister Tony Blair and Conservative Party politician William Hague are advocating for a new UN framework to address the challenges posed by AI technology. Contents…

    Article 2023年6月16日

  • US SEC advisory group urges rebranding of leveraged ETFs

    TL;DR Breakdown The SEC’s Investor Advisory Committee (IAC) is pushing for a rebranding of single-stock and leveraged ETFs, due to their distinct functionality from traditional ETFs. These non-traditional ETFs are seen as riskier and have higher fees than traditional ones, leading to investor confusion. Description The Investor Advisory Committee (IAC), an arm of the Securities and Exchange Commission (SEC), is urging a rebranding for single-stock ETFs and other non-traditional exchange traded products (ETPs). According to the committee, the current naming conventions have led to significant investor confusion, primarily because these products function differently from traditional ETFs. Divergent from traditional ETFs … Read more The Investor Advisory Committee (IAC), an arm of the Securities and Exchange Commission (SEC), is urging a rebranding for single-stock ETFs and other non-traditional exchange traded products (ETPs). According to the committee, the current naming conventions have led to significant investor confusion, primarily because these products function differently from traditional ETFs. Divergent from traditional ETFs Single-stock ETFs, which invest directly in one security or via options markets, and leveraged ETFs, which can offer leverage up to five…

    Article 2023年6月29日

  • Winklevoss Presents “Final Offer” in Genesis Crypto Bankruptcy Proceedings

    TL;DR Breakdown Cameron Winklevoss, the co-founder of Gemini Trust Co., presents a “final offer” in the bankruptcy restructuring of Genesis Global Holdco, setting the minimum terms for creditors’ acceptance. The proposal includes forbearance payments, two debt tranches, and a distribution plan for sale proceeds, aiming to resolve the complex proceedings. Description In the ongoing bankruptcy restructuring of digital-asset lender Genesis Global Holdco, billionaire Cameron Winklevoss, co-founder of Gemini Trust Co., has put forth what he calls a “best and final offer.” Winklevoss took to social media to share the proposal, emphasizing that it serves as the minimum acceptable terms for the creditors involved. With the deadline … Read more In the ongoing bankruptcy restructuring of digital-asset lender Genesis Global Holdco, billionaire Cameron Winklevoss, co-founder of Gemini Trust Co., has put forth what he calls a “best and final offer.” Winklevoss took to social media to share the proposal, emphasizing that it serves as the minimum acceptable terms for the creditors involved. With the deadline set for July 6, the offer aims to bring the protracted negotiations to a close. The…

    Article 2023年7月6日

  • Xi’s market gambit: China’s stocks will never be the same

    Description Under President Xi Jinping’s directive, China’s stock market landscape has transformed drastically. Xi’s market maneuvers may forever change the trajectory of China’s equities, raising as many eyebrows as it does questions. But what are the real implications of these strategic shifts, and how do they align with Xi’s grand vision for the nation? Bold Policy, … Read more Under President Xi Jinping’s directive, China’s stock market landscape has transformed drastically. Xi’s market maneuvers may forever change the trajectory of China’s equities, raising as many eyebrows as it does questions. But what are the real implications of these strategic shifts, and how do they align with Xi’s grand vision for the nation? Bold Policy, Bolder Ambitions The audacity of China’s stock market is evident. Despite a slowdown in China’s economic growth and a looming real estate liquidity crisis, the Shanghai Stock Exchange welcomed Jilin Joinature Polymer, marking the 200th company to grace China’s domestic markets just this year. These new listings, amassing a whopping $40 billion, have outpaced giants like Wall Street. Yet, the CSI 300 index paints a grim…

    Article 2023年9月23日
TOP