Blockchain Cryptocurrency Currency Exchanges Government Market News Tech

Money Laundering Charges Brought Against President of Crypto Capital

October 26, 2019
Dominic Mann


Money Laundering Charges Brought Against President of Crypto Capital

On Thursday, Crypto Capital President Ivan Manuel Molina Lee was escorted by the Polish police at Warsaw Chopin Airport, as reported by multiple Polish news sites. This arrest is a part of an alleged money laundering charge as the Police believe him to be involved in an international drug cartel scheme using Bitfinex.

Bitfinex apparently trusted Crypto Capital with $850 million worth of funds which they were later unable to recover, therefore the popular exchange company had to raise funds through a $1 billion token sale.

Previously, the Polish Ministry of Justice seized $350 million of the funds belonging to bank accounts under the names Crypto SP.Z.O.O and NESP SP.Z.O.O. It is clear from the names that these accounts were likely owned by Crypto Capital and Ivan Manuel Molina Lee, but several financial documents can likely prove that fact to be true. The investigation was part of an Anti-Money Laundering (AML) operation conducted by Polish authorities.

After the seizure, the Polish authorities went after Molina Lee in connection with the funds as they believed them to be breaking anti-money laundering laws. It is alleged by police that the funds in question were connected to Colombian drug cartels that ran through Bitfinex.

This seizure of funds is “the largest seizure in the history of the Polish prosecutor’s office against forfeiture” according to the National Public Prosecutors Office.

This news has uncovered other exchanges such as Binance, Kraken, and BitMEX have also used Crypto Capitals services in the past, therefore look out for stories in the future of these companies and their involvement, if there is any at all.