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Bitcoin as dropped suddenly by 5 per cent in the space of an hour after Wednesday, the US Department of Justice revealed plans to make a major cryptocurrency related announcement.
Reports are that the world’s leading crypto dropped from $21,500 to around $20,500 ahead of the news, reversing an upward trend that had seen its price rise by nearly a third since the start of the year.
The press conference was led by Deputy Attorney General Lisa Monaco, and other speakers included Assistant Attorney General Kenneth Polite Jr. of the Justice Department's criminal division, U.S. Attorney Breon Peace of the Eastern District of New York, the FBI's associate deputy director, Brian Turner, and Treasury Department Deputy Secretary Wally Adeyemo.
The deputy Attorney General Lisa Monaco, announcing the action, describing it as a “significant blow” to the crypto crime landscape and for fraudsters and hackers operating within it.
The alleged founder, of the Bitzlato exchange, Anatoly Legkodymov, was arrested in Miami, Florida, on Tuesday and is scheduled to be arraigned in the US District Court for the Southern District of Florida later on Wednesday.
It alleged, Bitzlato sold itself to criminals as a no questions asked cryptocurrency exchange, and reaped hundreds of millions of dollars’ worth of deposits as a result. The defendant is now paying the price for the malign role that his company played in the cryptocurrency ecosystem.
"Institutions that trade in cryptocurrency is not above the law and their owners are not beyond our reach," stated US Attorney Breon Peace.
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