Fun

Crypto Exchange Bitzlato Restores Access to User Funds

News Feed - 2023-03-03 09:03:18

Crypto Exchange Bitzlato Restores Access to User Funds


Russia-linked cryptocurrency exchange Bitzlato has begun processing withdrawals of digital assets belonging to its customers. The trading platform was shut down in an operation carried out by law enforcement agencies in the U.S. and Europe alleging that it had been used to launder dirty money. Bitzlato Allows Withdrawals After Staying Offline for Weeks


Users who have deposited funds to Bitzlato can now start to withdraw their coins, the recently seized crypto exchange said in a Telegram message. The announcement comes after a period of over a month during which the trading platform was unavailable.


The Hong Kong-registered exchange, better known to Russian-speaking traders, was taken down in a coordinated law enforcement operation in January when French authorities took control of its website and their American colleagues arrested its co-founder Anatoly Legkodymov.


The U.S. Justice Department believes Bitzlato has processed over $700 million in funds from criminal entities such as the darknet market Hydra and the Russian crypto pyramid scheme Finiko. According to Europol, it exchanged over $1 billion of illicit money.


“We were gone for 42 long days, but we are back. A lot of work has been done to ensure that your data is safe and the coins are in your wallets,” Bitzlato said in the post. It also insisted it had been used as “a bargaining chip in backstage games.”


In late January, four more members of its team, including three executives, were arrested in European countries. The other Bitzlato co-founder, Anton Shkurenko, was briefly detained, questioned, and released by Russian police in February.


Prior to that, Shkurenko announced in an interview on Youtube that Bitzlato intends to relocate to Russia and restore operations and withdrawals from there. He also said that French investigators had seized Bitzlato’s hot wallet with over a third of its assets and remarked that the withdrawals were going to be partial in the beginning. Tags in this story ACCESS, Bitzlato, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Customers, Exchange, Funds, illicit funds, Money Laundering, operations, Russia, russian, seized, shut down, Traders, users, Withdrawals


Do you think Russian authorities will allow Bitzlato to operate from the country? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Crypto Neobank Wallbit Leaves Venezuela Due to Sanctions EXCHANGES | 3 days ago Crypto Exchanges Allow Russians to Circumvent Sanctions, Report Alleges EXCHANGES | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRide With BitKeep and Seize the Opportunity as Arbitrum Argonaut Makes Waves Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Low, as Silvergate Uncertainty Spooks Markets Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

The Number of Entities Using Bitcoin to Store Arbitrary Data Has Declined
The Number of Entities Using Bitcoin to Store Arbitrary Data Has Declined Three years ago there were a lot of discussions concerning data embedded in bitcoin transactions and the b
39% of Canada’s institutional investors have exposure to crypto: KPMG
Brayden Lindrea7 hours ago39% of Canada’s institutional investors have exposure to crypto: KPMGKPMG Canada partner Kunal Bhasin says rising debt and increasing inflation have likely attracted institutional investors in
Meet the First BCH Dex Built on Smartbch — Benswap.cash Presents High-Yield Liquidity Pools, Noncustodial Swaps
Meet the First BCH Dex Built on Smartbch — Benswap.cash Presents High-Yield Liquidity Pools, Noncustodial Swaps Decentralized finance (defi) has set a trend during the latter hal
EOS Maker Block.One Expands US Footprint With DC-Area HQ
Block.One, the software company behind the EOS blockchain, will expand its U.S. footprint with a new headquarters and a $10 million investment in Arlington County, Va. Virginia Gov.
Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside
Este artículo también está disponible en español. Cardano (ADA) has made a significant move, breaking above the long-standing $0.40 resistance and reaching a key supply l
Fireblocks launches Web3 startup toolkit amid a surge in new ventures
Alex O’Donnell8 hours agoFireblocks launches Web3 startup toolkit amid a surge in new venturesThe number of startups using the Web3 platform has already increased by some 50%, according to Fireblocks.5732 Total views1
Rakesh Upadhyay7 hours agoCrypto traders shift focus to these 4 altcoins as Bitcoin price flatlinesBitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR
Mutual Bank in New Jersey to Give Customers the Ability to Buy, Sell and Hold Cryptocurrency
Mutual Bank in New Jersey to Give Customers the Ability to Buy, Sell and Hold Cryptocurrency Manasquan Bank, a mutual community bank in New Jersey serving residents since 1874, has
Travel Rule Implementation Still Far Off Due to Tech Limitations, Australian Regulator Reports
Travel Rule Implementation Still Far Off Due to Tech Limitations, Australian Regulator Reports The Australian Department of Home Affairs stated that the country lacked the technica
Solana Loses Long-Term Support Level – Analyst Shares Insights
Este artículo también está disponible en español. Solana is trading at its lowest levels since September 2024, with extreme fear and selling pressure dominating the marke
Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs
Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs Action Point, an Argentine startup, has developed a white-label solution that all
Bitcoin halving: What’s different this time around?
Brayden Lindrea1 hour agoBitcoin halving: What’s different this time around?Fewer Bitcoin entering circulation after the halving will be met with increased demand from spot Bitcoin ETF issuers, leading to a “continuo