Cryptocurrency

BITCOIN EXCHANGE SPECIALIST (YURI LEBEDEV), SENTENCED TO 16 MONTHS IN PRISON 2 min read

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BITCOIN EXCHANGE SPECIALIST (YURI LEBEDEV), SENTENCED TO 16 MONTHS IN PRISON

A software engineer, 39 was apprehended for his impact in an illegal Bitcoin transaction that was reported to be used for money laundering for an international hacking group involved in special hit attacks. Yuri Lebedev, the apprehended man who moved to the United States of America from the Ukraine in a bid to achieve his “American vision-dream”, but was met with a disappointment after being sentenced to a 16-month prison term.

Yuri Lebedev, through the transaction, Coin.mx deceived various banks into accessing different Bitcoin inclined exchanges under the cover of restaurant delivery charges and digital purchases.  In March, Yuri Lebedev alongside a partner in the crime, Trevon Gross who is 52 years old were pronounced guilty of conspiracy and fraud after a trial that lasted for a month.

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In his speech, the U.S. District Judge, Alison J. Nathan commented that Yuri Lebedev abused his “impressive technology skills” to make the different victimized banks “unwilling participants” in his crime of money laundering.

It was reported that the exchange platform, Coin.mx was a system originally built to be used by a group of hackers that had their focus on banks and publishing industries, some of which are Dow Jones and JP Morgan in 2014.

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The system previously has run Bitcoin exchanges for the victims of ransomware who were made to forcibly pay up a form of ransom in the digital currency to unlock their computer systems.

During the period of his sentencing, recently, Yuri Lebedev voiced out that he regretted being involved with Coin.mx initially, and that his major aim was to “create cutting edge technology that would make me exceptional.” He further stated that he was distracted along the line, but he has now realized that “there are no shortcuts.”

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Yuri was however sentenced to a jail term of 16 months because he was believed not to be the big gun behind the operation.

 

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