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Home News

Russian Nationals Charged in Bitcoin Hack

June 12, 2023
Reading Time: 2 mins read
in News

 

Russian nationals Alexey Bilyuchenko and Aleksandr Verner have been charged with hacking the cryptocurrency exchange Mt. Gox in 2011 and stealing approximately 647,000 bitcoins. The U.S. Department of Justice also accused Bilyuchenko of conspiring to run the unlicensed BTC-e Bitcoin trading platform with Alexander Vinnik between 2011 and 2017.

Furthermore, the hackers gained unauthorized access to Mt. Gox’s server and stole the majority of the customers’ bitcoins, leading to the exchange’s closure in 2014. The stolen bitcoins were laundered through various methods, including using other exchanges and a Bitcoin brokerage service.

In addition to the Mt. Gox hack, Bilyuchenko, along with Alexander Vinnik and others, operated the BTC-e illicit crypto exchange from 2011 until it was shut down in 2017. BTC-e played a significant role in facilitating the transfer, laundering, and storage of criminal proceeds for cybercriminals globally, reportedly cashing out 95% of ransomware payments.

With millions of users and handling billions of dollars in transactions, the exchange received illicit funds from various sources, including ransomware attacks, identity theft schemes, and drug distribution rings.

The indictment highlights the operation of a digital currency exchange that enabled criminals worldwide, including hackers, ransomware actors, and corrupt officials, to launder billions of dollars. The charges filed by the U.S. Department of Justice against Bilyuchenko and Verner shed light on the extensive nature of their illegal activities within the cryptocurrency ecosystem, affecting both the Mt. Gox exchange and the BTC-e platform.

 The case underscores the importance of robust cybersecurity measures and regulatory frameworks to combat cybercrime in the evolving landscape of digital assets.

Reference:
  • Russian Nationals Charged With Hacking One Cryptocurrency Exchange And Illicitly Operating Another

Tags: Aleksandr VernerAlexey BilyuchenkoCryptocurrencyCyber NewsCyber News 2023HackersJune 2023Mt. GoxRansomwareRussiaUSA
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