NZ Police Seized $140 Million Of Former Cryptocurrency Exchange Operator

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Alexander Vinnik, who previously operated cryptocurrency exchange BTC-e, has had $140m frozen by New Zealand police.
  • Per reports, when investigators caught Vinnik on an extradition order from the United States, he was on holiday in Greece with his family.
  • Though, he’s denied the charges and fought the extradition for a long time.

The Russian It genius Alexander Vinnik who previously operated cryptocurrency exchange BTC-e has had assets worth $140m frozen by New Zealand police.

Police find the biggest restraint of funds in history

According to the Police, this act concerned as the biggest restraint of funds in their history. They said crooks and cybercriminals derived from a series of crimes. It includes computer hacking, ransomware assaults, theft—also, extortion, blasphemy, and drug crime through US-operated BTC-e.

Per reports, Investigators caught Vinnik on an extradition order from the United States when he was on holiday in Greece with his family. Investigators claimed that Vinnik was operating a Bitcoin exchange that laundered billions of dollars for criminal organizations.

Though, Vinnik denied the charges and fought the extradition for a long time. Presently, the police Asset Recovery Unit has reported around $140 million controlled by a New Zealand organization has been frozen. In association with the global investigation.

Vinnik Caught In Greece

Police Commissioner Andrew Coster stated that the New Zealand Police, along with the Internal Revenue Service of the United States, have worked closely to address this intense offending. However, these funds probably reflect the benefits gained by Vinnik from the exploitation of thousands of individuals worldwide. Because of cyber-crime and organized crime.

In 2017, Vinnik arrested in Greece with the allegation of money laundering. Since then, he deported to France, where he stays in custody. Besides this, the order application was made by the Asset Recovery Unit during Alert Level 4, as per the Commissioner Coster.

Besides, the investigation is continuing. While pending, an application in the High Court is seeking a seizure of these funds. In the last 11 months, the Asset Recovery Unit had withheld $ 165.4 million in cash and bank accounts. With property and assets of approximately $63 million, police notified.

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