Crypto Twitter Makes Fun of DOJ’s ‘Major Action’ Against Obscure Russian Exchange Bitzlato
Users on Twitter were quite anxious after the U.S. Department of Justice (DOJ) released a statement on Wednesday that it was going announce a “major international cryptocurrency action” in a few hours. Prices started dipping, and wild speculation started. Some believed it would be related to Binance or some other major player in the industry. Binance CEO Changpeng Zhao even tweeted an hour before the DOJ announcement “4”, referring to his fourth New Year resolution not to pay any attention to FUD. As it turned out, the DOJ’s “major action” was related to a tiny, unknown Russian exchange called Bitzlato. The DOJ seized the exchange and arrested its co-founder Anatoly Legkodymov. The DOJ accused the Hong Kong-registered exchange of processing more than $700 million in illicit funds. Legkodymov was charged with money laundering. The DOJ said that Bitzlato was closely tied to a darknet marketplace called Hydra Market, known for drug selling, money laundering, and stolen financial information. The authorities shut it down last year. When the DOJ announced the charges against Bitzlato, many were perplexed. Frank Chaparro, a crypto journalist for six years, said on Twitter that he had never heard of the exchange and asked if he could “sue the DOJ for wasting an hour of my life.” I’ve covered crypto for 6 years and have never heard of Bitzlato Hsaka, a well-known crypto trader, posted a meme implying that the DOJ didn’t protect investors from FTX, Celsius, and other bankrupt crypto companies but instead charged an unknown exchange. DOJ pic.twitter.com/ccdN3Aarl8 Ryan Selkis, the founder of crypto research firm Messari, said that the DOJ is wasting taxpayers’ money by focusing on the wrong bad actors. Bitzlato lol. Our tax dollars are wasted. DonAlt, another crypto trader, said: “If Bitzlato going down doesn’t take us to $12k I really don’t know what else could.” If Bitzlato going down doesn't take us to $12k I really don't know what else could Wes Mantooth made fun of Bitzlato’s assets. BREAKING: DOJ announces they’ve seized all of #bitzlato assets pic.twitter.com/OOhaPlCNjn While the DOJ and other U.S. regulators have been active in bringing charges against crypto criminals, the wider crypto community is waiting for them to investigate and bring justice to bigger players in the industry. For investors, it’s important to remember that, in most cases, regulators come in after the crime has already occurred, at least in finance. You Might Also Like:
Crypto Twitter Makes Fun of DOJ’s Announcement
I’m sure the mainstream press will cover it like it’s a death knell for the industryOn the Flipside
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Text source: DailyCoin.com
