Court remands Bitsonar pyramid founder in pre-trial detention on murder charges

On 24 December 2020, the Kyiv District Court of Odessa changed the measure of restraint to detention without the possibility of posting bail for the creator of the Bitsonar pyramid, Alexander Tovstenko, suspected of organizing the ordered murder of a former colleague.

In her ruling, Judge Yulia Feduleeva cited the objectively existing risk that the suspect could flee justice, destroy important physical evidence for the criminal proceedings, and exert influence on the victim and a witness.

During his house arrest, Tovstenko did not attend court hearings or the psychological examination, citing illness with coronavirus. To prove the latter, the suspect’s lawyer sent the court a photocopy of a medical certificate from the private clinic Adonis.

Subsequently it emerged that Tovstenko did not approach any of the Diagnostic Medical Center facilities, which includes the Adonis clinic, and the PCR-test certificate he presented did not conform to the form of certificates issued by that medical establishment.

In the course of the investigation, law enforcement seized Tovstenko’s computer equipment and sent it for examination.

Separately, investigators opened a criminal case concerning fraud by the Bitsonar company. In that case, Alexander Tovstenko has not yet been charged.

Lawyers from Juscutum LLC are handling the criminal proceedings and the restitution of clients’ funds.

«Our aim is to consolidate criminal proceedings relating to attempted murder and fraud. This is because the ordered murder was planned to conceal the fraud in the Bitsonar project», – noted the lawyers.

Currently Juscutum is seeking victims of the cryptocurrency investment fund’s activities. One option for returning stolen funds, according to the lawyers, will be for Alexander Tovstenko to sign an agreement initiated by law enforcement:

«Under this, Tovstenko would be obliged to return the funds obtained as a result of fraudulent actions. In this case, the suspect would receive the lightest sentence».

Funds Collection Roadmap by ForkLog on Scribd

According to investigators, Alexander Tovstenko ordered the murder of Yaroslav Stadchenko (also known as Yan Novak). The suspect faces life imprisonment.

It was Stadchenko who exposed that Bitsonar, marketed as an investment fund for algorithmic cryptocurrency trading, was a Ponzi scheme. He named the true organizer of the pyramid — the former Ukrainian official Alexander Tovstenko.

Exit-scam Bitsonar: how a former Ukrainian official built a pyramid by presenting it as an investment fund

In a ForkLog interview, Stadchenko asserted that Tovstenko has ties to the security services.

On 26 August in Kyiv, Yaroslav Stadchenko was abducted by unknown individuals. As later revealed, this was done by SBU officers to stage his murder. The client was detained while handing over the second portion of the reward to the killer, amounting to $5,000.

In September Stadchenko alleged wrongdoing by Alexander Tovstenko to the Federal Bureau of Investigation (FBI).

On 3 December the court released Tovstenko from custody to house arrest.

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