President of payment processor company Crypto Capital, Ivan Manuel Molina Lee, is currently in custody of the Polish police.
Crypto Capital is in trouble. This is according to a Polish news outlet. Accused of drug running and money laundering, Lee was first apprehended in Greece. Then transferred to his native country for further investigation. Lee currently stands accused of spearheading the activities of an international drug cartel. He also took part in several thefts, most of which took place in Europe and Latin America.
According to reports, he is the brain behind the laundering of about 1.5 billion zloty which is approximately $390 million, all from illegal activities. He also allegedly transferred funds illegally from Crypto Capital’s account to several banks in Poland. This illicit act allegedly took place from December 2016 to February 2018.
Polish authorities disclosed that arrest was possible due to the joint efforts of both the “Polish and international special forces”. Pointing out that “[…]The proceedings were conducted by prosecutors from the Lower Silesian Branch of the Department for Organized Crime and Corruption of the National Prosecutor’s Office in Wrocław and officers who closely cooperated with Europol, Interpol and US services, including the DEA”.
They further added that Ivan also spearheaded the “laundering dirty money for Columbian drug cartels using a cryptocurrency exchange.” This was alongside several other criminal activities.
“Bad Eggs” in the crypto space
This is an unpleasant period for Crypto Capital. The payment processor company has been trending for all the wrong reasons. Last year, the now-defunct crypto exchange QuadrigaCX blamed Crypto capital for the loss of its assets. The firm was also mentioned during the Bitfinex saga. Bitfinex alleged that it sent a total of $850 million which turned up missing and inaccessible. To make up for the loss, the exchange carried out a $1 billion token sale in May. Crypto Capital has previously worked with top exchanges like Binance, BitMex, Kraken.
The cryptocurrency industry has attracted a lot of unscrupulous individuals. Authorities are, however, proving beyond reasonable doubt that they are up to the task of ensuring law and that order exists in the crypto space.