03.02.2025
Business of Occupiers
Cybercrimes
Money laundering
Crypto expert and founder of the largest crypto exchange in Ukraine, WhiteBIT, Volodymyr Nosov, has been put on the international wanted list, and this is just the beginning of a major investigation that reveals the exchange’s ties to Russia and involvement in money laundering.
Nosov is on the international wanted list: what is behind these warrants?
As it has become known from open sources, the media face of the WhiteBIT crypto exchange, Vladimir Nosov, along with several of his accomplices, is on the international wanted list. Interpol announced the issuance of arrest warrants, which confirms the seriousness of the charges. The warrants, issued under the numbers A-15035/12-2024, A-15036/12-2024, A-15033/12-2024, A-15032/12-2024, relate to participation in large-scale money laundering schemes where billions of dollars of criminally obtained funds could have been transferred through WhiteBIT.
Analyzing these facts, it becomes clear that not only standard financial transactions, but also serious crimes related to money laundering and circumvention of international sanctions are carried out under the guise of cryptocurrency transactions. In addition, Chainalysis, Merkle Science, and Scorechain, leading cryptocurrency flow analysis companies, have confirmed WhiteBIT’s involvement in these schemes.
Fake audit and opaque finances: how does WhiteBIT manipulate data?
WhiteBIT positions itself as a Ukrainian company, but when we delve into the details, many questions arise about its legality and honesty.
Lack of license and legal registration in Ukraine. Despite the fact that WhiteBIT actively advertises itself as a Ukrainian platform, the company is officially registered in Lithuania. This allows it to avoid Ukrainian financial supervision. Although the company itself is trying to manipulate public opinion by acting as a representative of Ukraine in the international arena.
In addition, WhiteBIT claims that it has been audited to confirm its financial reserves, but there are important caveats: the audit turned out to be falsified. All the confirmations come from internal reports, while independent international audit companies did not provide any audit results. This calls into question the very ability of the company to really control financial flows.
The real financial flows of WhiteBIT are not disclosed. Some experts even believe that the platform operates as a pyramid scheme, where funds from new users are used to pay off previous users, and this cycle is likely to continue until the system collapses.
Ties to Russia: how does WhiteBIT circumvent sanctions?
One of the most scandalous facts was the discovery of the WhiteBIT crypto wallet with a turnover of more than $2.7 billion, which was used for financial transactions between Ukraine and Russia. More than 500,000 transactions were conducted through this platform, which allowed to circumvent international sanctions imposed on Russia.
Thus, with the help of WhiteBIT, Russians could deposit and withdraw money through cryptocurrency, which allowed them to conduct business transactions and shadow financial schemes without falling under sanctions control.
The platform has become a place to transfer funds not only for legal business transactions, but also for various illegal schemes, including the supply of goods and services that violate international agreements.
With each investigation, it becomes increasingly clear that WhiteBIT is not just a cryptocurrency exchange. It is a state-criminal project whose activities are systematically covered up by high-ranking officials. In particular, the head of the Defense Intelligence of Ukraine, Kyrylo Budanov, and the Minister responsible for digitalization, Mykhailo Fedorov.
Officials not only cooperate with WhiteBIT, but also provide support to the platform through government projects, including collaborations with Diia, the Ministry of Digital Transformation, and the Ministry of Foreign Affairs. This explains why Ukrainian law enforcement agencies, in particular the National Police, ignore international investigations against the platform, and WhiteBIT’s activities are not stopped despite numerous accusations.
In the meantime, WhiteBIT remains one of the largest players in the cryptocurrency market, and the question of why its activities have not yet been stopped is still open. Will the Ukrainian authorities finally act to close the shadowy ways and the use of cryptocurrency schemes to circumvent sanctions, launder money and support illegal operations?
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