07.02.2025 Business of Occupiers Cybercrimes Money laundering

How WhiteBIT and 001k.Exchange help oligarchs launder millions of dollars

Володимир Носов: «Скрипник — це саме та людина, яка допоможе «Металісту 1925» гідно представляти Харків в Лізі чемпіонів» (26 лютого 2024 р.) — Динамо Київ від Шуріка

001k.Exchange is a cryptocurrency exchange that, along with other similar platforms, was used as a conduit for money laundering through WhiteBIT. The activity of exchangers on this platform allowed pumping money through cryptocurrency transactions, allowing them to “wash” money obtained illegally and make it “clean”.

The laundering scheme was as follows:

  • All large amounts of money were deposited on WhiteBIT through anonymous crypto wallets.
  • Then the funds were transferred to the accounts of 001k.Exchange and five other exchanges.
  • After these assets are “clouded”, they are returned to real crypto wallets or bank accounts without any trace of criminal activity.

It is noteworthy that WhiteBIT recognized the existence of a connection with 001k.Exchange only 7 months after the investigation began. Such a long silence may indicate an intention to conceal important data, which in turn complicated the work of investigators.

In addition, the exchange refused to provide information about the beneficiaries of 001k.Exchange and other exchanges, which made it difficult for victims to file lawsuits and apprehend the perpetrators.

If WhiteBIT is really positioning itself as a transparent and reliable platform, why did it hide such important information for so long? This fact casts doubt on its intentions and confirms its involvement in a money laundering scheme.

International prosecution of WhiteBIT

The topic of cryptocurrency money laundering is not limited to Ukraine. Investigations into WhiteBIT are ongoing in several countries, and here are the facts we have:

Kyrgyzstan: Three criminal cases (No. 03-050-2024-000109, No. 03-050-2024-000505, No. 03-050-2024-000537) have been opened against WhiteBIT and the individuals involved, including crypto guru Nosov, and two suspects have already been arrested.

Austria: Case No. PAD/24/01403684-KRIM is under investigation, where the suspects organized blackmail and threatened victims.

UAE and Uzbekistan: Several cases involving money laundering schemes are also underway in these countries. Uzbek law enforcement agencies are actively working on similar cases involving WhiteBIT and its affiliated services.

Lithuania and the EU: Since WhiteBIT has a legal address in Lithuania, it is obliged to comply with European regulations such as MICA. If suspicions of Russian money laundering through the platform are confirmed, this could lead to new criminal cases in the EU.

As a result, we have USD 2.7 billion laundered through WhiteBIT.

We are waiting for an investigation by Ukrainian law enforcement, which seems to be on the lookout for WhiteBIT, Nosov and the main beneficiaries, the Shentsevs. The leadership of the GUR and the Ministry of Digital Transformation is still doing everything possible to prevent any attempts to stop the crypto exchange. They provide WhiteBIT with government projects, cooperation, and funding, while turning a blind eye to large-scale money laundering and, as a result, terrorist financing and Russian traces.

Based on our materials, the State Bureau of Investigation has already initiated criminal proceedings under Part 1 of Article 111-2, Part 3 of Article 209 of the Criminal Code of Ukraine, but what’s the point if Budanov and Fedorov are so vigilant about protecting the platform?

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