Russian founder of a cryptocurrency exchange known for funneling ransomware profits arrested

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The exchange called Bitzlato moved more than $700 million dollars within the Hydra Marketplace, which was formerly the world’s longest-running and largest dark web marketplace before U.S. and German authorities took it down last April, according to the DOJ. The arrest comes as the U.S. ramps up efforts to crack down on attempts by cybercriminals to use cryptocurrency as a means to evade financial regulations and transfer illicit funds. The DOJ alleges in its complaint that Legkodymov was well aware of the exchange’s illicit users.

Source read time: 2 min - cyberscoop.com

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