Europol: Bitzlato converted more than $1 billion of assets linked to crime

The Bitzlato cryptocurrency exchange converted assets tied to criminal activity worth around €1 billion ($1.08 billion). Европол reports.

According to the authorities, the transactions were conducted in Bitcoin, Dash, Litecoin, as well as dollars and Russian rubles.

In addition, Europol announced the arrest of Bitzlato’s CEO, CFO and CMO in Spain, and two more senior platform executives in Cyprus and the United States.

Authorities searched homes in Spain, Cyprus and Portugal, and shut down the company’s digital infrastructure in France. €18 million ($19.5 million) in cryptocurrencies, vehicles and electronics were seized. A further €50 million ($54.3 million) in digital assets were frozen on other exchanges.

According to Europol, illicit funds account for about 46% of the €2.1 billion ($2.3 billion) the platform received.

Earlier on January 17, the U.S. Department of Justice arrested the founder of Bitzlato Anatoly Legkodymov on charges of laundering $700 million tied to Hydra.

On January 18, the platform team stated that there had been a hack and withdrawal of part of the funds. Within a few hours, they announced that the service would be suspended.

Binance, Hydra and «Finiko» are named the leading counterparties in the Bitzlato case.

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