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Bitcoin fraud suspect arrested in Greece Bitcoin fraud suspect Vinnik charged by US grand jury
(about 13 hours later)
A Russian national has been arrested in Greece suspected of being member of a gang that has allegedly laundered billions of dollars using Bitcoin. A Russian national has been charged by a US grand jury over the alleged laundering of billions of dollars using virtual currency Bitcoin.
Police said 38-year-old Alexander Vinnik was held on a US warrant near the northern city of Thessaloniki. Alexander Vinnik, 38, was arrested in Greece near the northern city of Thessaloniki on a US warrant.
The gang is believed to have used the digital currency to launder at least $4bn (£3bn) over several years. A US attorney later announced he had been charged with 21 counts, including laundering stolen funds from the hack of the "Mt Gox" Bitcoin exchange.
The gang is believed to have laundered some $4bn (£3bn) over several years.
Mr Vinnik is said to be the "brain" behind the illegal operations. He has so far made no public comments.Mr Vinnik is said to be the "brain" behind the illegal operations. He has so far made no public comments.
Laptops, mobile phones, credit cards and tapes were found in the hotel room in the tourist resort of Halkidiki, where the suspect was arrested. The US Attorney's Office in California's northern district said the indictment covered "operating an unlicensed money service business, money laundering and related crimes."
In particular, it alleged that Mr Vinnik received funds "from the infamous computer intrusion or 'hack' of Mt Gox."
Mt Gox was a Bitcoin exchange - a place where real money could be exchanged for the digital currency - which was once the largest of its kind.
It was forced to declare bankruptcy in 2014 after a hack which stole about 850,000 Bitcoins - worth millions at the time.
Local media reports say that Greece will soon begin negotiations with the US about Mr Vinnik's extradition.Local media reports say that Greece will soon begin negotiations with the US about Mr Vinnik's extradition.
If convicted in the US, Mr Vinnik could face up to 20 years in prison on the money laundering charges.
Bitcoin is a digital currency that operates completely online.Bitcoin is a digital currency that operates completely online.
Each Bitcoin is basically a computer file which is then stored in a "digital wallet" app on a smartphone or computer.Each Bitcoin is basically a computer file which is then stored in a "digital wallet" app on a smartphone or computer.
Unlike traditional currencies such as the US dollar, Bitcoin has no central bank and is not backed by any government.Unlike traditional currencies such as the US dollar, Bitcoin has no central bank and is not backed by any government.