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Many scams are taking place within the crypto business, particularly BTC. If an investor will not be cautious, he’ll fall prey to cybercriminals posing as legit tasks or platforms. Sometimes, some exchanges would possibly run into hitches and trigger large losses to buyers. This was the case with WEX, BTC-e, and different exchanges that triggered folks to lose funds.

Vinnik is a Russian nationwide generally known as a BTC-e operator, one of many preliminary Bitcoin exchanges. The trade is linked to Mt. Gox’s hack, the primary Bitcoin trade with an assault of 744,408 BTC.

However, there was no restoration for the stolen funds, and the trade shut down in 2014. Vinnik, on his half, by no means accepted to be operating BTC-e however stated he was a employees of the trade.

However, in 2017, the US authorities shut down BTC trade and confiscated its servers. Vinnik was arrested whereas staying along with his household on a seashore in Greece. Since his time of arrest, there was dragging among the many three nations, the US, Russia, and France. They are competing for the extradition of Vinnik, with every indicating totally different allegations towards him.

A report from CNN disclosed the extradition of Alexander Vinnik, a crypto trade operator, to the United States from Greece. The crypto trade operator has been held in France, however his French lawyer, Frederic Belot, disclosed his extradition.

After a number of makes an attempt to extradite Vinnik, the US authorities referred to as off their request some weeks in the past. With the call-off of the request, Vinnik might be moved to Greece after which to the United States.

In 2020 a California court docket indicted Vinnik with allegations of a number of legal offenses. These embrace ransomware scams, pc intrusions and hacking, narcotics distribution rings, identification theft schemes, and corrupt public officers.

France Sentenced Vinnik To 5 Years Imprisonment For BTC Fraud

France later succeeded in 2020 because it received Vinnik, and a French court docket sentenced him to five years in jail. Vinnik was charged with cash laundering. But different costs equivalent to conspiracy, extortion, and distorting automated information course of programs had been dropped. Also, the Court of Appeal of Paris upheld the imprisonment phrases.

Vinnik’s lawyer, Belot, didn’t clarify the authorized mechanism the US authorities utilized throughout their extradition request. However, he talked about that if the US withdrew its request, this might reactivate the Greece request.

The launch of WEX, an offspring of crypto trade, happened some months following the shutdown of BTC-e. WEX had its buying and selling pairs and web site design fairly just like BTC-e. It had obtained entry to the person base of BTC-e. Also, it promised that it will progressively make refunds to BTC trade customers of all their losses earlier than the platform was shut down.

During the summer season of 2019, WEX stopped operations. Users had been complaining of getting withdrawal points. Also, they seen that the value of BTC received greater than what different exchanges had been providing.

Additionally, WEX CEO, Dmitri Vasiliev, was repeated arrested in several nations. These embrace Croatia, Italy, and Poland.

Featured picture from Pixabay, chart from TradingView.com