Crypto Capital Executive Charged for Bank Fraud And Two Other Criminal Activities

Bitfinex exchange affiliated Crypto Capital finds executive caught up in multiple criminal activities as US Attorney for the Southern District of New York looks to bring the hammer down on a bitcoin blackhole.

An executive Oz Yosef, who worked on Crypto Capital, a company that provided payment processing services for Bitfinex before the scandal that happened with it and Tether this year, has been indicted for three criminal counts.

According to the reports, Yosef has been indicted for bank fraud, conspiracy to commit bank fraud and conspiracy to operate as an unlicensed money transmitting business. The filing basically accuses the man of basically stealing money.

Yosef was not the only person to be charged. The president of Crypto Capital, Ivan Manuel Molina Lee, was arrested this month in Poland, as he was also accused to be involved in money laundering activities.

The Case With Bitfinex

You probably remember, but Crypto Capital was the company that basically started the whole Bitfinex/Tether scandal a few months ago. The company failed to pay Bitfinex after its own problems started, so the executives had to ask the sister company Tether to use its stablecoin funds and got $850 million USD.

Initially, the executives at Bitfinex believed that Crypto Capital had its funds held by authorities, but the new announcements seem to indicate that executives from the company stole it and fooled their clients at Bitfinex.

After that, Bitfinex was accused by the New York Attorney General of misusing the funds from the stablecoin provider and a large legal battle was started. Until the moment, it is not clear what will happen in the future.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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