The Former Technology Administrator of BTC-e and Co-founder of WEX Sentenced to Prison for Misappropriation of Funds
Alexei Bilyuchenko, the former technology administrator of BTC-e exchange and co-founder of WEX, has been sentenced to 3 years and 6 months in prison by the Meshchansky District Court of Moscow. This verdict comes as a result of Bilyuchenko’s misappropriation of funds belonging to the exchange.
In addition to his prison sentence, Bilyuchenko has been ordered to pay a fine of 3.1 billion rubles (approximately $33 million) for the damage caused to the exchange’s customers. The prosecution had sought a prison sentence of 4.5 years and a fine of 1 million rubles (around $10,500).
In June 2023, the U.S. Department of Justice unsealed charges against Bilyuchenko and another Russian national, Aleksandr Verner, in connection with a hacking incident involving Mt.Gox in 2011. These charges include conspiracy to commit money laundering. Bilyuchenko also faces an additional charge for conspiring with Alexander Vinnik, who was extradited to the U.S. in August 2022 for operating BTC-e between 2011 and 2017.
WEX Exchange Transferred to Konstantin Malofeyev
Reports indicate that WEX exchange was eventually handed over to Konstantin Malofeyev, a Russian citizen who has been charged with violating U.S. sanctions related to the undermining of democratic processes and institutions in Ukraine in 2014.
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