Russia’s Federal Security Service (FSB) has been linked to the disappearance of $450 million worth of bitcoin from controversial cryptocurrency exchange WEX.

The facts go back to late 2018, when the Russian-based crypto exchange “WEX” collapsed amid accusations of money laundering and the disappearance of hundreds of millions of dollars from Bitcoin and other cryptocurrency groups.

According to report “BBC” published on November 15 indicates the possibility that the Russian intelligence agency FSB played a role in the embezzlement of the lost funds.

WEX was previously known as BTC-e before it was shut down by international authorities in 2018 due to its alleged involvement in money laundering activities.

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The platform’s founder, Alexander Vinnik, was arrested at the time and accused of laundering more than $4 billion in cryptocurrency since the platform was launched in 2011, according to a report from PwC earlier in the year.

WEX is notorious for its alleged involvement in the laundering of approximately $4 billion and the transfer of funds and its responsibility for disbursing 95% of all ransomware payments made since 2014.

FSB Crypto Fund:

According to a BBC report, WEX co-founder Alexei Belichenko says he had to hand over information about users’ digital wallets to members of the FSB in 2018.

Which the intelligence agency allegedly used to get more than $450 million from users’ funds.

The BBC adds in its report that it has obtained audio recordings from individuals discussing the importance of placing “WEX” under the control of the “FSB”, including Mr. Konstantin Malofeev, a Russian billionaire loyal to the Kremlin who is currently subject to US sanctions.

Belichenko reportedly received multiple calls threatening to shut down the WEX platform if he did not comply.

The co-founder of WEX was then transferred to the FSB offices in Moscow over three days in April 2018.

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He handed over flash drives containing details of access to the platform’s users’ funds.

Belichenko says he has been told that WEX clients’ money will be transferred to the “FCB Agency Fund.”

Several months after the data was handed over, WEX froze clients’ funds and withdrawals before closing completely in late 2018.

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