Owner of largest crypto exchange in Belarus put on the international wanted list

What’s new? The Investigative Committee of the Republic of Belarus has announced the completion of a criminal investigation into the representatives of the country’s largest illegal crypto exchange, Bitok.me. As a result of the investigation, it was decided to declare the platform’s owner Vladislav Kuchinsky on the international wanted list. He is charged with committing a crime under Part 3 Article 243 (large-scale tax evasion) of the Criminal Code of the Republic of Belarus.

Material on the website of the Investigative Committee of the Republic of Belarus

Details of the case. According to the Investigative Committee, three natives of the Belarusian city of Lida assisted Kuchinsky in tax evasion on a large scale. Over two years, about 8000 transactions worth more than $29 million were conducted with Bitok.me, and the damage to the state amounted to more than 9 million Belarusian rubles (about $3,48 million).

Law enforcers carried out searches, seized equipment and funds of $280 000, and also seized accounts controlled by the accused in banks of Belarus and Georgia. The accomplices of the crime are in custody and their actions are qualified under Part 6 of Article 16, Part 3 of Article 243 (complicity in large-scale tax evasion).

It is noted that the accused used means of anonymization, accounts on foreign platforms, and SIM cards registered to front men, which allowed them to conduct activities for a long time without attracting the attention of the authorities. Also, investigators said that Bitok.me was used by third parties for fraud and financing of extremist activities.

The Investigative Committee noted that after the arrest of accomplices Kuchinsky did not stop the work of Bitok.me, despite the criminal prosecution. In addition, he countered the investigation by withdrawing funds from controlled accounts as well as by sending letters to customers advising them to ignore calls to law enforcement agencies or to adhere to a certain line of conduct when communicating with enforcers.

In April, the Ministry of Justice of Belarus adopted a resolution on the procedure for the confiscation of cryptocurrencies in the framework of enforcement proceedings. It is noted that such digital assets should be taken into account and sold.

In August, the US Securities and Exchange Commission (SEC) charged 11 individuals, including four Russians, with organizing and promoting Forsage, “a fraudulent crypto pyramid and Ponzi scheme.” Damages from their activities are estimated at $300 million.