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Criminal case initiated against Yobit for illegal activities

Criminal proceedings, which were substantiated by the Federal Service for Supervision of Communications, Information Technology and Mass Communications of the Russian Federation, have been instituted against the cryptocurrency exchange Yobit. This is reported by Forbes-Ukraine.

The reason for these inspections was massive complaints of users against inappropriate actions of the crypto exchange administration, the use of speculative technologies and insufficient protection of users’ personal data.

In particular, Roskomnadzor was reported an artificially regulated rate, which allowed the separate category of users to make profits, whereas the large numbers of investors experienced losses. In addition, users say that Yobit increases transaction time and complicates a balance transfer to third-party wallets.

     ʺYobit web-site is now being tested as the unreliable resource, followed by its blocking,ʺ Roskomnadzor stated.

 According to Forbes-Ukraine, the crypto-exchange has been already recognized as unreliable, and the criminal proceedings have been instituted under several articles such as “illegal financial transactions” and “financial fraud” in Russia, Ukraine and Indonesia. The authorities are already looking for the creators of the fraud scheme to bring them to justice.

Forklog will be provided with additional information concerning open proceeding against Yobit in the near future.

It should be reminded that the team of WAVES blockchain platform has issued a statement early that warns users about suspicious transactions with WAVES tokens on the cryptocurrency exchange Yobit.


  • March 6, 2017 12:30 PM MSK