Enforcement goes on with Bitzlato action: Law Decoded, Jan. 16

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Enforcement goes on with Bitzlato action: Law Decoded, Jan. 16–23

Cryptocurrency Jan 23, 2023 08:00AM ET

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Enforcement goes on with Bitzlato action: Law Decoded, Jan. 16–23

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The good news of the last week is that Bitcoin (BTC) has continued to rebound, making around 10% up from Jan. 16 to Jan. 23. But the worrying trend of crypto companies making headlines due to their troubles with the law has yet to change.

The United States Department of Justice launched a “major international cryptocurrency enforcement action” against China-based crypto firm Bitzlato and arrested its founder, Anatoly Legkodymov. The department considers Bitzlato to be a “primary money laundering concern” connected to Russian illicit finance. While the exchange attracted little attention until the DOJ action, it had reportedlyreceived $206 million from darknet markets, $224.5 million from scams and $9 million from ransomware attackers.

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