From HODL to HOJAIL: Bitzlato Founder Pleads Guilty in Money Laundering Scandal

From HODL to HOJAIL: Bitzlato Founder Pleads Guilty in Money Laundering Scandal

In Soviet Russia… Guilt Admits You! Bitzlato Founder Pleads Guilty

Main Points:

– Russian founder of defunct Bitzlato cryptocurrency exchange, Anatoly Legkodymov, pleaded guilty.
– Arrested in Miami around 11 months ago.
– Admitted to operating an unlicensed money-transmitting business.
– The platform has reportedly allowed other bad actors to launder their money.

It Is Not HODL, It Is HOJAIL

Anatoly Legkodymov’s Plea

If there’s one thing more volatile than cryptocurrency itself, it might be crypto kingpins. Anatoly Legkodymov, fondly known to his criminally inclined friends as Gandalf, or less fondly by his mom as Anatolii, is the latest in a line of crypto convicts. Allegedly, this wizard from Russia turned out to be more of a Dark Lord in the crypto industry. Almost a year after being collared in Miami, he’s confessed his dark deeds: operating an unlicensed money-transmitting business.

The Bit Secret of Bitzlato

Crypto may be all about adding that digital “bit” of mystery to your currency, but the Bitzlato wizard went a bit too far. According to our savvy sleuths at the U.S. Justice Department, Gandalf’s magic touch extended further than just crypto: Bitzlato was being used by other nefarious characters for some clean up duty – laundering their dirty income. Now, that’s not the type of *”clean energy”* Elon Musk had in mind for cryptocurrencies.

In summary, Bitzlato crypto exchange founder, Anatoly Legkodymov, has confessed to operating an unlicensed money-transmitting business about 11 months after his arrest in sunny Miami. Meanwhile, his crypto platform was playing host to many shadowy figures who used this opportunity to launder their criminal proceeds.

In Conclusion: It Isn’t all Magic and Muggles in Crypto Land

Much like in the Wizarding World, there’s no such thing as harmless dark arts in the world of cryptocurrency. Anatoly ‘Gandalf’ Legkodymov has journeyed from the lofty towers of Bitzlato to the grim dungeons of guilt, proving once again that crime doesn’t pay – even in Bitcoin.Original Article: https://thehackernews.com/2023/12/founder-of-bitzlato-cryptocurrency.html


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