<a href="https://twitter.com/TheBlock__/status/1187491701788729345">According to a local news report, the arrest</a> of Crypto Capital President Ivan Manuel Molina Lee by Polish authorities occurred recently. Crypto Capital is a Panama based payment processor. Well, the company has tied association with major exchanges like Binance, Bitfinex, Kraken, and BitMEX. According to the local police, Lee was allegedly involved in an international drug cartel and its money-laundering operations. And it used Bitfinex’s platform for money laundering.
<h2>Non-Accessible $850 mIllion</h2>
Reportedly Bitfinex entrusted Crypto Capital with $850 Million. Later Bitfinex couldn't access the money kept in bank accounts in Poland, Portugal, the United Kingdom, and the US. However, iFinex, the parent company of Bitfinex filed an application to recover the fund associated with Crypto Capital. And to cover this huge loss, Bitfinex conducted a token sale of $1 Billion in May.

Allegedly after losing $8500 Million, Bitfinex used funds from Tether to cover the loss. Tether is its stable coin operator. Also, In May, Zhao Dong a shareholder of Bitfinex said, the exchange sealed $1 Billion in both hard and soft for its initial native exchange token offering.
<h2>Previous documents &amp; proofs</h2>
<a href="https://www.cryptoknowmics.com/crypto/bitfinex-files-discovery-application-to-regain-access-to-880-million/">Giancarlo Devasini</a>, The Chief Financial Officer of Bitfinex said, Ravid Yosef a former payment processor at Crypto Capital provided enough documents showing several transfers between multiple banks in Europe and the United States.

Previously, the Ministry of Justice of Poland seized two bank accounts namely Crypto SP. Z O.O. and NESP SP. Z O.O. Both the bank accounts were connected to Crypto Capital and Lee. The seized fund was around $350 Million. And reportedly this arrest is in link with that $350 Million.

The Polish media article on RMF 24 stated that the arrest of Molina Lee was “about laundering money from Colombian drug cartels through the cryptocurrency exchange,”.

According to the National Public Prosecutor Office, this Money Laundering was “the largest security [seizure] in the history of the Polish prosecutor’s office against forfeiture.”

Crypto Capital President arrested - alleging for Money Laundering

Debarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.

Crypto Capital President arrested - alleging for Money Laundering

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