Police said "at least" $4 billion in cash had been laundered through a
bitcoin platform since 2011 - the year BTC-e was founded - with 7
million bitcoins deposited, and 5.5 million bitcoins in withdrawals.
in 2011, BTC-e is one of the oldest and most obscure virtual currency
exchanges, allowing users to trade bitcoin pseudonymously against fiat
currencies, such as the U.S. dollar, and other virtual currencies. Until
today, the people behind it had remained unknown.
known in crypto-currency markets as one with the most relaxed standards
for checking the identity of its users to combat money laundering, and
for not collaborating with law enforcement.
This helped make BTC-e "a favorite money-laundering location," said
James Smith, chief executive of Elliptic, a company that works with law
enforcement to track illicit bitcoin transactions. The exchange has been
connected to recent ransomware attacks, he said.