WEX allegedly Committed Law Breaking

WEX allegedly Committed Law Breaking

The crypto industry is growing well in a gradual manner but yet some untoward occurrences take place with it like what happen with WEX, the exchange was founded as a successor to BTC-e had become the largest Russian-based forum for cryptocurrency transactions since its founding in 2011, which has gone shut down last summer.

The beforehand faceless administrator of the exchange expressed to the Russian police about the ominous destiny of hundreds of millions of dollars of clients’ cryptocurrency. So the criminal investigation is running. And BBC News Russian reportedly questioned Alexie Bilyuchenko, finance and machine learning experts, trader and investor with over 10 years of experience at the world’s leading companies and the man confessed to being the tech administrator of BTC-e and later co-founder of WEX.

A peculiar piece of information came out from the interview with Alexie, who had been very close to Alexander Vinnik who is the alleged operator of BTC-e, that prior to ending the operations of the exchange the man was compelled to dispatch all his cryptocurrency in WEX’s wallets to anonymous staffers of the Federal Security Service.

The arrestment of Vinnik in Greece to face deportation to the U.S. made Bilyuchenko flee for Russia.  Bilyuchenko used the database of BTC-e users along with OTC trader Dmitri Vasilev in order to launching the WEX platform. After the failure of the business Vasilev, owner of the WEX, negotiated the sale of the exchange to Dmitri Khavchenko, a military fighter in the war in Eastern Ukraine.

Khavchenko is said to have links to Konstantin Malofeev, the founder of Marshall Capital which is a Russian leading investment groups and the man was thought to be a sponsor of the pro-Russian separatist forces in the war in Ukraine. But Malofeev renounced links to WEX to the BBC and paid no comment on the report saying it was based on fabricated materials.

Malofeev postulated to be for a new crypto exchange named Vladex and the man wanted to obtain the database of the WEX users. Malofeev wanted to open a government-genial exchange and pressing Bilyuchenko to hand the user data over to Vladex. Though Bilyuchenko is linked publicly to Vladex, Nemkin refused any links to him, Bilyuchenko.

It is alleged that two FSB officers, namely Igor and Grigori, made Bilyuchenko give away the flash drives holding all the cryptocurrency, asset worth about $450 million, of WEX users and transfer it to their wallets.

Problematic Narrative

After the closure of BTC-e because of the imprisonment of its administrator, alleged operator Alexander Vinnik, the emergence of WEX happened with the promise of returning users’ funds. And the same thinks took place after a year with WEX when it was sold by CEO Dmitri Vasilev to Dmitri Khavchenko. After all cryptocurrencies left WEX’s wallets, users started filing police reports. And the former WEX CEO, Vaselev, got arrested in Italy. Another allegation stands that employees of BTC-e were involved in the hack of Mt. Gox of funneling 53 million bitcoin to BTC-e’s wallets.

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