Crypto Capital President Arrested For Money Laundering Operation - page 2.

jrrsparkles

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Quote from: darkangel11 on October 25, 2019, 10:08:02 AM

Makes you wonder why they chose Poland. It's well known as one of the countries where crypto companies are not welcome. I remember reading about their biggest exchange Bitbay moving to Malta because it was being harassed by the authorities. I'd expect a large crypto operation to be in a more friendly country like Estonia, Malta, Germany, even Belarus.

This serves as a message that you are only anonymous as long as you don't exchange to fiat. Cryptocurrencies aren't a good for laundering.

This could be another message for people who were keep accusing crypto currencies mainly used for money laundering purpose,even if the do then sooner or later they will get caught like what happened in OP.

darkangel11

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Makes you wonder why they chose Poland. It's well known as one of the countries where crypto companies are not welcome. I remember reading about their biggest exchange Bitbay moving to Malta because it was being harassed by the authorities. I'd expect a large crypto operation to be in a more friendly country like Estonia, Malta, Germany, even Belarus.

This serves as a message that you are only anonymous as long as you don't exchange to fiat. Cryptocurrencies aren't a good for laundering.

CryptoBry

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Quote from: jackg on October 24, 2019, 09:16:01 PM

Or at least bitfinex can learn from its mistakes and not entrust funds to any one entity... Why wouldn't they multisig those funds with a few other parties. It'll be interesting to see if they get that 350 million credited back to them though.

I can easily shrug off those newbies who are victims of hacking and scams online because they must really be innocent and ignorant of the industry they are threading into but when we talk about a big business like Bitfinex it is really a big WHY on my part how come they allowed themselves to be misled and fooled by the people of Crypto Capital. I guess stupidity and lack of common sense is really affecting us all, whether an individual or an organization which we assumed must have been exposed already to many possible risks and wide experience here in the world of cryptocurrency. Let's hope that Bitfinex can recover something from the amount of assets they lost to Crypto Capital and that there will no legal complications ahead.

jackg

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Or at least bitfinex can learn from its mistakes and not entrust funds to any one entity... Why wouldn't they multisig those funds with a few other parties.

It'll be interesting to see if they get that 350 million credited back to them though.

CryptoBry

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Crypto Capital President Ivan Manuel Molina Lee was arrested by Polish authorities, accused of being part of an international drug cartel and involved in its money-laundering operations using Bitfinex.

Crypto Capital was a company with which Bitfinex allegedly entrusted $850 million, money the exchange said it was unable to access later. To cover the loss, the exchange conducted a $1 billion token sale in May.

...the Polish Ministry of Justice had seized bank accounts in name of Crypto SP. Z O.O. The seized funds, which amount to $350 million, reportedly belonged to Crypto SP. Z O.O. and NESP SP. Z O.O., two companies likely affiliated with Crypto Capital and Molina Lee, according to several financial documents. The seizure was a part of an anti-money laundering operation conducted by the Polish authority.

Read more of this development here...

The time has come to weed out the illegal operations conducted by this organization as this is a disgrace to the whole cryptocurrency industry. The message here is so clear: There is no place for a business like Crypto Capital in this industry and this should be serving a big warning to anyone doing the same thing or planning to do the same maneuvering. Let's hope that Bitfinex and pother similar victims can be able to recover some funds they lost to this scumbag Crypto Capital.

Topic: Crypto Capital President Arrested For Money Laundering Operation - page 2. (Read 302 times)