Originally Published in Madras Courier
Editorial Note
Without comprehensive oversight & coordinated international action, crypto currencies pose a significant threat to economic stability.
In January 2023, Anatoly Legkodymov, founder of the Hong Kong-registered cryptocurrency exchange Bitzlato Ltd, was arrested by US authorities in Miami. The US Department of Justice charged Anatoly with running his enterprise as a money-laundering outfit that processed approximately $700 million in illicit funds. His exchange served as a haven for criminal networks, as it required minimal KYC checks and lax security protocols for the illicit transmission of digital currencies.Â