"This is one of the reasons why the crypto market fell."
Hong Kong-registered cryptocurrency exchange company Bitzlato is being sued by the United States (US) Department of Justice (DOJ) and Treasury Department as the market suffers from the FTX crisis.
It was reported that Bitzlato's criminal activities with ties to Russia led authorities to intervene and its founder, 40-year-old Anatoly Legkodymov, was arrested, Deputy Attorney General Lisa Monaco commented.
Explained in more detail, Bitzlato has helped process ransomware attacks worth over $700 million in direct and indirect illegal transactions between 2018 and 2022.
The company also attracts criminals as they allow their users' information to be personally identified.
As for Legkodymov, he was arrested on charges of transporting illegal funds and operating a remittance business in violation of anti-money laundering laws.
The string, he who has now resided in China will be brought to the US District Court to face the criminal charges.
According to Monoca, Legkodymov should answer all the questions about the allegations, whether it is breaking the law from China or Europe or abusing the financial system from a tropical island.
