Authorities in Russia have arrested a crypto entrepreneur associated with an unidentified cryptocurrency exchange who is suspected of embezzling funds and property.
According to a media report, the detained person is one of the owners of Wex, successor of the infamous BTC-e exchange.
This is saddening. The likes of Coinbase, Point Network and Binance are building innovations in the Web3, yet some brands are trying to steal, painting crypto bad.
Russian law enforcement agencies have detained a man accused of stealing financial and other assets from a cryptocurrency exchange, the Ministry of Internal Affairs (MVD) announced Tuesday. The suspect allegedly controlled large amounts in cryptocurrency and their movement between wallets.
Investigators believe he withdrew some of the funds and appropriated them. The person was handcuffed at the hotel of a private airfield in Serpukhov city district of Moscow region with two suitcases holding 190 million Russian rubles in cash ($1.7 million), the press release detailed.
Officials from MVD, the Federal Security Service (FSB), and Russia’s financial watchdog, Rosfinmonitoring, carried out 29 searches at the residences of the arrested and his accomplices in Moscow, St. Petersburg, Novosibirsk, and Yalta. Another 50 million rubles, $1 million, €70,000, computer equipment, hardware crypto wallets, luxury goods, and documents were seized.