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Shuttered Crypto Exchange Bitzlato Says It Plans to Resume Operations: Report
The exchange has been charged by U.S. and European authorities with laundering $700 million in funds tied to Russian criminals.
By Nelson Wang
Updated Feb 10, 2023, 3:19 p.m. Published Jan 31, 2023, 5:19 p.m.
The co-founder of Hong Kong-based crypto exchange Bitzlato, which had been charged with money laundering and had its servers seized in a major international operation earlier this month, said the company plans to resume operating and allow partial withdrawals of user funds, according to Forklog, which summarized a YouTube interview in Russian given by the co-founder.
Anton Shkurenko, whose co-founder Anatoly Legkodymov was arrested in the law enforcement operation along with several other Bitzlato executives, said police had seized the platform’s hot wallet, which contained about 35% of user funds in all cryptocurrencies at the time.
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But Shkurenko said the exchange would reopen at an unspecified time, and that he could say with “100% certainty” that “we will allow 50% of user funds in bitcoin held in Bitzlato wallets to be withdrawn on the same day we launch. For other cryptocurrencies, the launch will be gradual.”
The previously little-known exchange was charged in mid-January with laundering over $700 million in funds tied to criminals in Russia. Legkodymov is a Russian citizen and majority owner of Bitzlato who was living in China and was arrested in Miami.
The European Union police agency Europol said Bitzlato had exchanged over $1 billion in assets linked to criminal activities.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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