The post Trump Trades Russian Bitcoin Fraudster Vinnik for Marc Fogel appeared first on Coinpedia Fintech News
In a recent development, as per the New York Times, President Trump has facilitated a prisoner swap, where Russian prisoner Alexander Vinnik was exchanged for American teacher Marc Fogel. Vinnik had been arrested in 2017 in Greece and was later sent to the US and France to face charges related to fraud and money laundering. Before his arrest, Vinnik was in charge of a cryptocurrency exchange called BTC-e, which was involved in handling over $9 billion in transactions.
Bitcoin Exchange Tied to Crime and $121M Loss
Vinnik did not register BTC-e as a money services business in the US, even though he had American customers. BTC-e was one of the first exchanges to popularize buying and selling Bitcoin, with over 1 million customers and more than $9 billion in transactions between 2011 and 2017. Its popularity also attracted criminals who used the platform to launder money and move illicit Bitcoin, according to U.S. prosecutors. They accused Vinnik of running BTC-e to help drug dealers, money launderers, and cybercriminals, resulting in a $121 million loss.
In December 2020, Vinnik was convicted in France for money laundering and sentenced to five years in prison. In May 2024, he pleaded guilty to conspiracy to commit money laundering in a San Francisco federal court. The DOJ highlighted his case to show its global reach in fighting cybercrime. Fogel returned to the US on Tuesday after being held in Russia for three and a half years on marijuana charges.
Steve Witkoff, Trump’s Middle East envoy received a call informing him of Marc Fogel’s release by Russia and was instructed by Trump to get him back to the US. Witkoff emphasized that without Trump’s involvement, the exchange wouldn’t have happened and noted that Saudi Arabia helped finalize the deal.
Marc Fogel Meets Trump at White House, Calls Him a Hero
President Trump personally met Marc Fogel at the White House on Tuesday night and gave him a tour of the Lincoln Bedroom. “I want you to know that I am not a hero in this at all. And President Trump is a hero,” the former detainee said late Tuesday night.
Besides, Trump has indicated that another American is set to be released as soon as Wednesday, without providing their identity.