The spearhead of payment processor firm, Crypto Capital, has been arrested by the Polish police as revealed by the news articles of the local media channels. Ivan Manuel Molina Lee, who serves as the President of Crypto Capital has been charged for money laundering and drug running.
According to local media, a major exchange entrusted the Crypto Capital payment service with $850 million, after which it lost access to them and used the reserves of its sister company Tether to make up for the loss.
Earlier, the Polish Ministry of Justice blocked the bank accounts of Crypto SP. Z O.O. and withdrew $350 million, allegedly owned by the company and NESP SP. Z O.O., which in turn may be associated with Crypto Capital and the detainee, is evidenced by several financial documents. The withdrawal of funds was carried out as part of the operation of Polish law enforcement authorities to prevent the laundering of money from the Colombian drug cartel through the cryptocurrency exchange.
It turned out that several other large exchanges, including Binance, Kraken and BitMEX, also used Crypto Capital payment services. It is worth noting that the Bitfinex cryptocurrency exchange is trying to recover over $850 million of its funds through the court. Meanwhile, a $1.4 billion class-action lawsuit has been filed against Bitfinex and Tether.